Business Travel

Corp. Travel Rebound Boosts SVC Q1 RevPAR

Written by pgex7

Revenue per available room for real estate investment trust Services Properties Trust’s hotels in March recovered to 25.7 percent below 2019 levels, compared with 37.3 percent in January, the company announced Wednesday. Also known by its “SVC” Nasdaq symbol, the company holds a 34 percent stake in Sonesta International Hotels Corp. “We expect to benefit further from a rebound in business travel in the coming quarters, particularly at our full-service hotels as urban centers continue to reopen,” SVC president and CIO Todd Hargreaves said in a statement. The company had a first-quarter net loss of about $119.8 million, compared with a net loss of about $195 million over the comparable period in 2021.

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