SVC says it will study the proposal and had no prior contact from TKO, according to Connect CRE.
TKO LLC, a hospitality investment firm, has made an unsolicited offer to acquire the hotel portfolio of Service Properties Trust for $2 billion in cash, Connect CRE reported on Oct. 12.
SVC said it will study the proposal, noting it had no prior contact from TKO, according to Connect CRE.
TKO said the acquisition would provide SVC with immediate liquidity.
Reported by the Deals desk. Published . Corrections
One analyst estimates severing the Sonesta agreement alone would cost $535 million.
The Oct. 7 offer tops the REIT's market capitalization and would complete its exit from hotel ownership.
City National Bank of Florida's $82.1 million construction loan to the buyer is $3.2 million larger than the price.
Nearly 30 offers came in for the 2014-vintage property, which Cushman & Wakefield marketed for Mountain States Properties.
The 391-unit tower was 96% occupied and will be renamed Akari Buckhead.
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