Service Properties Trust is a real estate investment trust that owns and operates a diversified portfolio of net lease properties and hotels. The company generates revenue from triple-net lease arrangements with retail tenants in necessity-based industries—including travel centers, quick-service restaurants, and automotive services—as well as from branded hotel properties spanning service levels from upscale to extended-stay, which are managed by third parties under management agreements. The net lease tenants pay fixed annual rents with tenants bearing operating expenses, while hotel revenue comes from guest room operations combined with base management fees and performance-based incentive fees paid by the hotel operators.