Service Properties (NASDAQ:SVC) sends Marriott International (NASDAQ:MAR) a notice requesting an $11M payment to cover the shortfall between the payments SVC has received to date from MAR and 80% of the priority returns due to SVC for the eight months ended August 2020.

Marriott has 10 days from receipt of the letter to make the payment, or SVC will have the right to terminate its agreement with Marriott.

The agreement covers 122 hotels in 31 states and currently requires annual minimum returns of $194.6M and expires in 2035.

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