---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-023816"
form_type: "8-K"
ticker: "SVC"
cik: "0000945394"
company_name: "Service Properties Trust"
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T07:42:32.482363+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Service Properties Trust consents to BP's $86/sh acquisition of TravelCenters; expects $379M cash

## Summary
- SVC consents to BP acquiring TA for $86.00/share cash; owns 1,184,797 TA shares (~7.8%).
- Amends leases for 176 travel centers: $254M annual minimum rent, 2% annual increases, 10-year initial term.
- TA will prepay $188M rent; SVC to sell tradenames for $89.4M book value at closing.
- SVC expects total cash of ~$379.3M from shares, tradenames, and prepaid rent upon closing.
- BP Corp NA guarantees lease payments up to ~$3.04B; merger expected by mid-2023.

## SEC filing metadata
- accession: 0001104659-23-023816
- form_type: 8-K
- ticker: SVC
- cik: 0000945394
- company_name: Service Properties Trust
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/945394/000110465923023816/0001104659-23-023816-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/945394/000110465923023816/tm237086d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-023816
- JSON: https://secwatch.observer/filing/0001104659-23-023816.json
- Plain text: https://secwatch.observer/filing/0001104659-23-023816.txt

## Key facts
- Material Agreements
  Service Properties Trust amended Consent Agreement with TravelCenters of America Inc., TA Operating LLC, and BP Products North America Inc. valued at Consent to merger, amendment and restatement of leases and guaranties, and sale of tradenames/tradem (effective 2023-02-15).
  - Action: amendment
  - Agreement: merger
  - Counterparty: TravelCenters of America Inc., TA Operating LLC, and BP Products North America Inc.
  - Value: Consent to merger, amendment and restatement of leases and guaranties, and sale of tradenames/tradem
  - Effective: 2023-02-15
  source text: On February 15, 2023, we and certain of our subsidiaries entered into a consent and amendment agreement, or the Consent Agreement, with TravelCenters of America Inc., or TA, and its subsidiary, TA Operating LLC, or together, the TCA Parties, and BP Products North America Inc., or BP, pursuant to which we and our applicable subsidiaries: (1) consented to TA’s entering into an agreement and plan of merger, or the Merger Agreement, with BP and its merger subsidiary, pursuant to which BP will acquire TA in a merger transaction, or the Merger, for cash consideration of $86.00 per share of the outstanding shares of common stock, par value $0.001 per share, of TA, or the TA common shares, and to the consummation of the Merger and the other transactions contemplated by the Merger Agreement, or collectively, the BP Acquisition; (2) agreed to amend and restate our subsidiaries’ existing lease and guaranty agreements with the applicable TCA Parties, effective at the time of the Merger; and (3) ag
  evidence_url: https://www.sec.gov/Archives/edgar/data/945394/000110465923023816/0001104659-23-023816-index.htm
- Material Agreements
  Service Properties Trust terminated Voting Agreement with BP valued at Agreed to vote all TA common shares in favor of BP Acquisition; obligations terminate upon earliest (effective 2023-02-15).
  - Action: termination
  - Agreement: merger
  - Counterparty: BP
  - Value: Agreed to vote all TA common shares in favor of BP Acquisition; obligations terminate upon earliest
  - Effective: 2023-02-15
  source text: In connection with the Merger Agreement, we entered into a voting agreement, or the Voting Agreement, with BP, pursuant to which, among other things, we agreed to vote all of our TA common shares in favor of the BP Acquisition and against any alternative acquisition proposal, including any superior proposal, as defined.
  evidence_url: https://www.sec.gov/Archives/edgar/data/945394/000110465923023816/0001104659-23-023816-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.