Service Properties Trust names Chris Bilotto as CEO

NEWTON, Mass. - Service Properties Trust (NASDAQ:SVC), a real estate investment trust, has announced the appointment of Chris Bilotto as the new Managing Trustee, President, and Chief Executive Officer, effective today. Bilotto, who has extensive experience in property management and development, takes over the leadership roles following the resignations of John Murray and Todd Hargreaves on Sunday.

Bilotto’s professional background includes his current role as Executive Vice President at The RMR Group (NASDAQ:RMR), where he is responsible for the company’s acquisition platform, asset management for hotel and senior living properties, and property development across the United States. Before his tenure at RMR starting in 2011, Bilotto held various management positions at General Growth Properties. Additionally, he serves as Managing Trustee, President, and CEO of Diversified Healthcare Trust (NASDAQ:DHC), which according to InvestingPro data, currently manages $1.49 billion in revenue with a market capitalization of $647 million.

The outgoing executives, Murray and Hargreaves, stepped down from their positions with Service Properties Trust on March 9, with the company stating that their departures were not due to any disagreements with SVC or RMR.

Service Properties Trust has a significant investment portfolio, amounting to over $11 billion, spread across hotels and service-focused retail net lease properties. As of December 31, 2024, SVC’s holdings included 206 hotels with more than 35,000 guest rooms in the United States, Puerto Rico, and Canada, along with 742 retail net lease properties encompassing over 13.2 million square feet.

Managed by The RMR Group, a prominent alternative asset management firm with $40 billion in assets under management as of the end of 2024, Service Properties Trust is headquartered in Newton, Massachusetts. The information regarding this leadership transition is based on a press release statement from Service Properties Trust.

In other recent news, Diversified Healthcare Trust reported its fourth-quarter 2024 earnings, showing mixed results. The company posted an earnings per share (EPS) of -$0.36, which was below the analyst forecast of -$0.29. However, the company exceeded revenue expectations, achieving $379.6 million compared to the anticipated $370.99 million, marking a 5% increase year-over-year. In terms of operational highlights, the company reported significant improvement in its shop segment with a 56% increase in net operating income (NOI) and reached 80% occupancy for the first time since early 2020.

The company is actively pursuing asset sales and strategic dispositions, having completed property sales close to $179 million in the first quarter of 2025. Analysts noted the company’s ongoing efforts to manage its debt maturities, with several term sheets signed for anticipated loan proceeds of $340 million. This refinancing strategy is expected to help address the $380 million debt due in June 2025. Additionally, Diversified Healthcare Trust has set a capital expenditure guidance of $150-$170 million for 2025, focusing on reducing capital expenditures by 16% from 2024 levels.

The company’s strategic initiatives also include the sale of certain assets to optimize its portfolio and improve operational efficiency. These recent developments reflect Diversified Healthcare Trust’s efforts to navigate financial challenges while maintaining growth in key segments.

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