TKO presses Service Properties Trust on $2.0B all-cash hotel offer

Hospitality investor TKO LLC publicly called on Service Properties Trust to engage on its October 7 written offer to buy SVC's hotel portfolio for $2.0 billion in cash, saying it has had no meaningful response. TKO says it will put $50 million in escrow once SVC signs an NDA, and it is open to a competitive sale process.

Why it matters: SVC has said it intends to sell its hotel assets, so a public $2 billion bid adds pressure on the board and may flush out rival proposals.