tm269581-1_424b5 - none

424B5 1 tm269581-1_424b5.htm 424B5 tm269581-1_424b5 - none - 11.2866728s

The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Filed Pursuant to Rule 424(b)(5)
Registration No. 333-281645

SUBJECT TO COMPLETION

PRELIMINARY PROSPECTUS SUPPLEMENT DATED MARCH 30, 2026

PROSPECTUS SUPPLEMENT
(To prospectus dated August 19, 2024)

$500,000,000

[MISSING IMAGE: lg_serviceprotrust-pn.jpg]

Service Properties Trust

Common Shares of Beneficial Interest

We are offering $500 million of common shares of beneficial interest, $.01 par value per share, or common shares. Our common shares are listed on The Nasdaq Stock Market LLC, or Nasdaq, under the symbol “SVC.” The last reported sales price of our common shares on Nasdaq on March 27, 2026 was $1.78 per share.

We have elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Code, commencing with our taxable year ended December 31, 1995. To assist us in complying with certain federal income tax requirements applicable to REITs, our declaration of trust provides that our Board of Trustees, or our Board, has the power to refuse to permit a transfer of shares if it determines such transfer would jeopardize our qualification for taxation as a REIT under the Code. Among other things, our bylaws provide that no person may own, or be deemed to own more than 9.8% (in value or in number, whichever is more restrictive), of our outstanding common shares. In addition, in order to assist us in preserving our ability to use our net operating losses and other tax benefits to reduce our future taxable income, our bylaws include an ownership limit of 5% of our outstanding common shares, subject to certain exceptions. See “Description of Certain Provisions of Maryland Law and of Our Declaration of Trust and Bylaws — Restrictions on Transfer and Ownership of Shares” in the accompanying prospectus for a detailed description of the ownership and transfer restrictions applicable to our common shares.

Investing in our common shares involves risks. See “Risk Factors” beginning on page S-12 of this prospectus supplement, as well as the risks described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, or our Annual Report, and under similar headings in any other reports that we file after the date hereof and incorporate by reference into this prospectus supplement and the accompanying prospectus.

Per
Common
Share

Total

Public offering price

Underwriting discount ( %)

Proceeds, before expenses, to Service Properties Trust(1)

(1)

Helix Partners, or Helix, and our manager, The RMR Group LLC, or RMR, have indicated to us their intention to purchase from the underwriters up to $100 million and $50 million, respectively, of the $500 million of common shares being sold in this offering at a price equal to the public offering price. In addition, Christopher J. Bilotto, our President and Chief Executive Officer, and Brian E. Donley, our Chief Financial Officer and Treasurer, as well as certain members of our Board, have indicated to us their intention to purchase from the underwriters up to an aggregate of approximately 216,180 common shares in this offering (based on the assumed public offering price of $1.78) at the public offering price. Because these indications of interest are not binding agreements or commitments to purchase, any of these investors may determine to purchase more, fewer or no common shares in this offering, or the underwriters may determine to sell more, fewer or none of our common shares to any of these investors.

The underwriters may also purchase up to an additional $75 million of common shares from us, at the public offering price, less the underwriting discount, within 30 days from the date of this prospectus supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters expect to deliver the common shares sold in this offering to purchasers on or about April , 2026.

Joint Book-Running Managers

Yorkville Securities

Jones

The date of this prospectus supplement is March , 2026.

	Page
Summary		S-1
Risk Factors		S-12
Use of Proceeds		S-14
Capitalization		S-15
Material United States Federal Income Tax and ERISA Considerations		S-18
Underwriting (Conflicts of Interest)		S-20
Legal Matters		S-27
Experts		S-27
Incorporation of Certain Information by Reference		S-28
Where You Can Find More Information		S-29
Warning Concerning Forward-Looking Statements		S-29
Statement Concerning Limited Liability		S-31

	About This Prospectus					ii
	Our Company					1
	Risk Factors					1
	Warning Concerning Forward-Looking Statements					2
	Statement Concerning Limited Liability					3
	Use of Proceeds					4
	Description of Debt Securities and Related Guarantees					4
	Description of Shares of Beneficial Interest					14
	Description of Depositary Shares.					20
	Description of Warrants.					23
	Description of Certain Provisions of Maryland Law and of Our Declaration of Trust and Bylaws					24
	Selling Security Holders					36
	Plan of Distribution					36
	Legal Matters					37
	Experts					38
	Where You Can Find More Information					38
	Information Incorporated By Reference					38

Brand	Service Level	No. of Hotels	No. of Rooms or Suites		Occupancy(2) Year Ended December 31, 2025		ADR(3) Year Ended December 31, 2025			RevPAR(4) Year Ended December 31, 2025			Year Ended December 31, 2025(1)
Brand	Service Level	No. of Hotels	No. of Rooms or Suites		Occupancy(2) Year Ended December 31, 2025		ADR(3) Year Ended December 31, 2025			RevPAR(4) Year Ended December 31, 2025			Operating Revenues ($M)			EBITDA(5) ($M)			EBITDA Margin
Retained Hotels:
Sonesta Hotels & Resorts®	Full Service	18		6,040		62.9%		$	171.97		$	108.11		$	319.0		$	34.0		10.7%
Royal Sonesta Hotels®	Full Service	14		4,821		64.1%		$	242.18		$	155.22		$	422.6		$	56.3		13.3%
Radisson® Hotels & Resorts	Full Service	5		1,149		61.4%		$	150.94		$	92.60		$	45.5		$	3.0		6.6%
Country Inn & Suites® by Radisson	Full Service	2		346		68.3%		$	139.96		$	95.54		$	12.7		$	0.8		6.3%
Crowne Plaza®	Full Service	1		495		66.6%		$	141.18		$	94.03		$	30.7		$	5.7		18.6%
Full Service Total / Average		40		12,851		63.5%		$	194.56		$	123.51		$	830.5		$	99.9		12.0%
Hyatt Place®	Select Service	17		2,107		68.2%		$	120.63		$	82.23		$	68.1		$	9.4		13.8%
Sonesta Simply Suites®	Extended Stay	7		1,144		72.6%		$	124.41		$	90.37		$	38.5		$	12.9		33.5%
Sonesta ES Suites®	Extended Stay	7		958		74.7%		$	149.65		$	111.77		$	41.3		$	10.8		26.1%
Sonesta Select®	Select Service	6		873		65.2%		$	134.65		$	87.74		$	29.9		$	6.0		20.2%
Focused Service Total / Average		37		5,082		69.9%		$	129.61		$	90.58		$	177.8		$	39.1		22.0%
Retained Hotels Total / Average		77		17,933		65.3%		$	174.86		$	114.17		$	1,008.3		$	139.0		13.8%
Exit Hotels:
Sold Since 4Q25		1		133		66.7%		$	108.34		$	72.27		$	3.6		($	0.6)		(16.7)%
Marketing of Full Service		7		2,010		49.8%		$	122.42		$	60.97		$	63.3		($	13.2)		(20.9)%
Re-marketing Focused Service		9		1,167		70.1%		$	108.23		$	75.91		$	32.9		$	3.5		10.6%
Planned Exit Hotels Total / Average		17		3,310		57.7%		$	115.68		$	66.69		$	99.8		($	10.3)		(10.4)%
All Hotels Total / Average		94		21,243		64.1%		$	166.56		$	106.77		$	1,108.1		$	128.6		11.6%

							Transaction Accounting Adjustments
	Actual 12/31/2019			Actual 12/31/2025			2026 Financing Transactions(1)			Equity Offering(2)			Asset Sales(3)			As Adjusted 12/31/2025
Net income (loss)		$	259,750		$	(202,321)		$	29,075		$	26,950		$	21,434		$	(124,862)
Add (Less): Interest expense			225,126			413,614			(29,075)			(26,950)			(8,201)			349,388
Income tax expense (benefit)			2,793			(10,717)			—			—			—			(10,717)
Depreciation and amortization			428,448			314,963			—			—			(28,277)			286,686
EBITDA			916,117			515,539			—			—			(15,044)			500,495
Add (Less): Loss on asset impairment(4)			39,296			81,889			—			—			—			81,889
Gain on sale of real estate, net(5)			(159,535)			(84,218)			—			—			—			(84,218)
Adjustments to reflect SVC’s share of EBITDAre attributable to an investee			—			12,171			—			—			—			12,171
EBITDAre			795,878			525,381			—			—			(15,044)			510,337
Add (Less): Loss on early extinguishment of debt(6)			8,451			2,897			—			—			—			2,897
Unrealized losses on equity securities			40,461			—			—			—			—			—
Loss contingency			1,997			—			—			—			—			—
Adjustments to reflect SVC’s share of Adjusted EBITDAre attributable to an investee			—			3,570			—			—			—			3,570
Transaction related costs(7)			1,795			14,698			—			—			(13,709)			989
General and administrative expense paid in common shares			2,849			3,712			—			—			—			3,712
Adjusted EBITDAre		$	851,431		$	550,258		$	—		$	—		$	(28,753)		$	521,505
Net Debt		$	6,099,367		$	5,157,996		$	—		$	(471,500)		$	(182,360)		$	4,504,136
Net Debt / LTM Adjusted EBITDAre(8)			7.2x			9.4x												8.6x
Adjusted Hotel EBITDAre		$	603,970		$	169,380		$	—		$	—		$	(28,753)		$	140,627
Adjusted Net Lease EBITDAre			292,894			379,838			—			—			—			379,838
Less: Corporate Expenses			(45,433)			1,040			—			—			—			1,040
Adjusted EBITDAre		$	851,431		$	550,258		$	—		$	—		$	(28,753)		$	521,505

	Actual 12/31/2025			Transaction Accounting Adjustments Asset Sales(3)			As Adjusted 12/31/2025
Number of hotels			94			(17)			77
Room revenues		$	1,122,292		$	(375,134)		$	747,158
Food and beverage revenues			203,130			(16,418)			186,712
Other revenues			87,981			(13,519)			74,462
Hotel operating revenues			1,413,403			(405,071)			1,008,332
Rooms expenses			387,243			(133,456)			253,787
Food and beverage expenses			168,188			(14,953)			153,235
Other direct and indirect expenses			523,676			(181,995)			341,681
Management fees			52,199			(18,772)			33,427
Real estate taxes, insurance and other			121,349			(40,851)			80,498
FF&E Reserves			6,725			—			6,725
Hotel operating expenses			1,259,380			(390,027)			869,353
Hotel EBITDA			154,023			(15,044)			138,979
Transaction related costs(7)			15,357			(13,709)			1,648
Adjusted Hotel EBITDA		$	169,380		$	(28,753)		$	140,627
Adjusted Hotel EBITDA Margin(9)			12.0%						13.9%
Hotel operating expenses (GAAP)		$	1,226,542		$	(376,318)		$	850,224
Add (Less):
Transaction related costs(7)			15,357			(13,709)			1,648
Adjustments for guaranty fundings and (replenishments), net(10)			8,272			—			8,272
FF&E Reserves from managed hotel operations			6,725			—			6,725
Other(11)			2,484			—			2,484
Hotel operating expenses		$	1,259,380		$	(390,027)		$	869,353

	December 31, 2025
	Historical			Pro Forma			Pro Forma As Adjusted
	(audited)			(unaudited)			(unaudited)
	(in thousands)
Cash and cash equivalents(1)		$	346,813		$	39,003		$	10,503
Debt(2):
Secured Floating Rate Debt:
$650,000 Revolving Credit Facility		$	—		$	—		$	—
$45,000 Variable Funding Note			45,000			45,000			45,000
Total Secured Floating Rate Debt			45,000			45,000			45,000
Secured Fixed Rate Debt:
5.600% Net Lease Mortgage Notes due 2028			604,654			604,654			604,654
Senior Secured Notes due 2027			580,155			580,155			580,155
8.625% Senior Secured Notes due 2031			1,000,000			1,000,000			1,000,000
5.96% Net Lease Mortgage Notes due 2031			—			745,000			745,000
Total Secured Fixed Rate Debt			2,184,809			2,929,809			2,929,809
Subsidiary Guaranteed Unsecured Notes:
5.500% Senior Guaranteed Unsecured Notes due 2027			450,000			450,000			50,000
8.375% Senior Guaranteed Unsecured Notes due 2029			700,000			—			—
8.875% Senior Guaranteed Unsecured Notes due 2032			500,000			500,000			500,000
Non-Subsidiary Guaranteed Senior Unsecured Notes:
4.950% Senior Unsecured Notes due 2027			400,000			100,000			—
3.950% Senior Unsecured Notes due 2028			400,000			400,000			400,000
4.950% Senior Unsecured Notes due 2029			425,000			425,000			425,000
4.375% Senior Unsecured Notes due 2030			400,000			400,000			400,000
Total Senior Unsecured Notes			3,275,000			2,275,000			1,775,000
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value, 200,000,000 shares authorized, 168,070,129 shares issued and outstanding (historical); 168,070,129 shares issued and outstanding (pro forma); 448,953,446 shares issued and outstanding (pro forma as adjusted)(3)			1,681			1,681			4,490
Additional paid in capital			4,563,371			4,563,371			5,032,062
Cumulative other comprehensive income			2,068			2,068			2,068
Cumulative net income			1,992,653			1,940,737			1,938,624
Cumulative common distributions			(5,913,649)			(5,913,649)			(5,913,649)
Total shareholders’ equity			646,124			594,208			1,063,595
Total capitalization		$	6,150,933		$	5,844,017		$	5,813,404

Underwriter			Number of Common Shares
Yorkville Securities, LLC
JonesTrading Institutional Services LLC
Total

SEC Form 424B5 filed by Service Properties Trust