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Apr 21
Tilman Fertitta, Carl Icahn, and Caesars' own management are circling a deal at roughly $32 a share... but the real question for hotel operators is what happens to 50 properties when the new owner's first priority is servicing nearly $12 billion in debt, not renovating your lobby.
Service Properties Trust just issued 417 million new shares at $1.20 each to raise $500 million it needs to cover debt coming due in 2027. If you've ever watched a REIT try to outrun its own capital structure, you know how this movie ends.
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