Service Properties Trust Announces Pricing Terms of its Tender Offer for up to $350,000,000 of its Outstanding 4.25% Senior Notes Due 2021

Service Properties Trust (Nasdaq: SVC), or SVC, a Maryland real estate investment trust, or REIT, announced today the pricing terms of its previously announced cash tender offer, or the Offer, to purchase up to $350,000,000, or the Tender Cap, of its outstanding $400,000,000 aggregate principal amount of 4.25% Senior Notes due 2021 (CUSIP No. 44106M AU6), or the Notes. The terms and conditions of the Offer are described in the Offer to Purchase, dated June 2, 2020, or the Offer to Purchase, as amended by the press release, dated June 3, 2020, and as further amended by the press release, dated June 16, 2020.

The total consideration, or the Total Consideration, for the Notes is based on the yield to maturity of the applicable U.S. Treasury Security, or the Reference Yield, plus a fixed spread, as set forth in the table below. The Reference Yield (as determined pursuant to the Offer to Purchase) was determined at 10:00 a.m., New York City time, today, June 16, 2020, by the dealer managers identified below. The following table sets forth certain information regarding the Offer, including the Reference Yield and the Total Consideration:

Title of Security		CUSIP Number		Reference U.S. Treasury Security		Reference Yield		Fixed Spread (basis points)		Total Consideration (per $1,000)
4.25% Senior Notes due 2021		44106M AU6		1.75% UST due 11/15/2020		0.197%		50 bps		$1,014.56

The Total Consideration is payable to holders of Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on June 15, 2020, or the Early Tender Deadline, and accepted for purchase by SVC. The Total Consideration includes an early tender premium of $50 per $1,000 principal amount of the Notes accepted for purchase. All payments for Notes purchased in connection with the Early Tender Deadline will also include accrued and unpaid interest on the principal amount of Notes tendered up to, but not including, the Early Settlement Date, which is currently expected to be June 17, 2020.