Service Properties Trust (SVC) has secured a new $650 million revolving credit facility, replacing its previous one with an expiration date of June 29, 2027 and two optional six-month extensions. The facility is backed by 69 properties including 66 hotels and three net lease properties. Wells Fargo Securities, PNC Capital Markets, and BMO Harris Bank serve as joint lead arrangers and joint lead bookrunners while Wells Fargo Bank acts as the administrative agent.
Josh Koplewicz – founder & managing partner of Thayer Street – commented on the success of their first fund saying “we continue to implement a rigorous & disciplined investment strategy that seeks to focus on a small number of high-quality investments each year” adding that Fund II will build upon this approach in order to provide flexible capital solutions for partners’ growth objectives while fostering shared long-term success.
