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Marriott misses payments on 122 hotels
Marriott International has been issued with a notice to pay millions in arrears on more than 100 hotels.
Real estate investment trust Service Properties Trust is demanding $11 million in unpaid fees for 122 hotels across more than 30 states.
Service Properties Trust has given Mariott 10 days to pay up or it may terminate contracts and rebrand the hotels.
It covers hotels in the SpringHill Suites, TownePlace Suites, Residence Inns and Courtyard by Marriott brands.
It has lined up Sonesta International Hotels to take over the properties if Marriott doesn’t pay on time.
Service Properties Trust has a 34% shareholding in Sonesta.
The existing agreement, which runs to 2035, calls for Marriott to make payments of $194.6 million per year.
The $11 million relates to a shortfall below 80% of annual payments due.
Under the contract terms, Service Properties Trust can take back the hotels and rebrand them if payments fall below 80%.
Bethesda, Maryland-based Marriott operates more than 7,000 properties but saw revenue slump by more than 70% in the second quarter.
While most hotels are open now, occupancy was down nearly 60% compared to 2019.
Written by Ray Montgomery, US editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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