Service Properties Trust operates a large diversified portfolio of service-oriented retail net lease properties and hotels, emphasizing long-term leases primarily with TravelCenters of America (TA) backed by BP guarantees. The company has been rebalancing its portfolio by selling a substantial number of hotels while acquiring net lease assets. Revenue declined modestly in 2025 alongside continued net losses driven by leverage and operational challenges. SVC carries significant debt with restrictive covenants, limiting flexibility. The company’s future growth depends on successful asset recycling, lease renewals, and managing risks associated with tenant concentration and competitive pressures in travel centers and hotels.