Service Properties Trust (NASDAQ:SVC) Q1 2024 Earnings Call Transcript

Todd Hargreaves: Right, the number was about 26%, I believe, for the full service hotels and it’s a little bit lower on the focused service hotels, but we are seeing increases there. I think the full service, we saw 300 basis point increase year-over-year. So, we are really seeing the adoption especially on the Sonesta and Royal Sonesta hotels. But as you know, especially on the select service side, it’s so much of business oriented hotels, you see it with some of the other brands is really driven by loyalty members. So, that’s really where we need to continue to see pickup, but it’s certainly a positive that you’re seeing it on the full service side, an increase of that much in terms of bookings through the loyalty program. So, Sonesta is still — at this size, is a relatively newer, younger company. So, we’re seeing things move in the right direction and we are seeing that brand adoption in some of the numbers.

Tyler Batory: Okay, great. And then last question for me. Obviously no debt maturity this year, at what point do you start to think more about the 2025 and what sort of options might be on the table for those? And as you sit today, can you rank order what looks most attractive to you in terms of handling those maturities?

Brian Donley: Hey, Tyler, that’s a great question. We continue to monitor the debt markets and we are going to be — continue to be proactive on our debt maturities. As we’ve demonstrated, we’ve got multiple options using SVC’s portfolio, but our real preference is on secured corporate debt. So, that’s something we’re going to take a hard look at in the near-term to stay ahead of our maturity wall, but we do have multiple options out there.

Tyler Batory: Okay, that’s all for me. Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Todd Hargreaves for any closing remarks.

Todd Hargreaves: Thank you, everyone, for joining today’s call. We appreciate your continued interest in SVC. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.