Tone Reservation (TR) is one of the well-known methods for PAPR reduction of Orthogonal Frequency Division Multiplexing (OFDM) systems. In this method some sub-carriers are reserved for PAPR reduction and the symbols in these sub-carriers are selected such that the PAPR of the OFDM frame is minimized. In this paper, the iterative algorithm introduced earlier for TR method in single antenna OFDM systems is extended to multiple antenna Spatially Multiplexed OFDM (SM-OFDM) systems. In the proposed method, which is called selective TR, in each iteration the peak reduction symbols of the antenna with maximum PAPR are updated. Simulation results show that using this approach leads to the performance improvement in comparison to the case where TR method is applied independently to all of antennas.