NEWTON, MA– Service Properties Trust (Nasdaq: SVC) announced that Todd Hargreaves has been appointed as its President and Chief Investment Officer, effective April 1, 2022.
Mr. Hargreaves has served as Vice President of SVC since 2019 and as Vice President and Chief Investment Officer of SVC since 2020. Mr. Hargreaves is also Senior Vice President of The RMR Group (Nasdaq: RMR), responsible for all real estate and real estate related acquisitions at RMR.
Prior to joining RMR in 2010, Mr. Hargreaves worked at AIG Investments, where he was responsible for commercial real estate loan origination and asset management. He has more than 15 years of experience working in the commercial real estate industry, specializing in acquisitions, dispositions and underwriting.
Mr. Hargreaves succeeds John Murray, who is becoming President and Chief Executive Officer of Sonesta International Hotels Corporation (Sonesta) effective April 1, 2022. Mr. Murray has been a member of SVC senior management since 1995 and he will continue to serve as a Managing Trustee of SVC.
Adam Portnoy, a Managing Trustee of SVC and a Managing Director, President and Chief Executive Officer of RMR, made the following statement: “During the past three years as part of SVC’s senior management and in more than a decade at RMR, Todd has proven to be a strategic and analytical thinker, with a primary role in determining capital allocation
decisions at SVC and RMR. Todd led the successful acquisition of SVC’s $2.4 billion net lease service portfolio in 2019 and more recently is responsible for SVC’s current hotel disposition plan that SVC expects, when completed in the next few months, will realize over $560 million of sales. Looking forward, Todd has the Board’s confidence to strengthen the portfolio and deliver strong long term operating performance for SVC.”
Service Properties Trust is a real estate investment trust, or REIT, with more than $12 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of December 31, 2021, SVC owned 303 hotels with over 48,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. As of December 31, 2021, SVC also owned 788 retail service-focused net lease properties totaling over 13 million square feet throughout United States. SVC is managed by The RMR Group (Nasdaq: RMR), an alternative asset management company with more than $33 billion in assets under management as of December 31, 2021 and more than 35 years of institutional experience in buying, selling,
financing and operating commercial real estate. SVC is headquartered in Newton, MA.
