ARA US Hospitality Trust has completed the sale of Hyatt Place Pittsburgh Airport for US$7.7 million ($10.3 million).
The trust had entered into a conditional purchase and sale agreement to sell the property to Bacall Companies on Nov 27, 2023.
The managers of the trust are entitled to a divestment fee of around US$38,500 or 0.5% of the sale consideration. The proceeds will go towards the trust’s existing borrowings.
Hyatt Place Pittsburgh Airport is the smallest within the trust’s portfolio. It opened in 1998 with 127 rooms and is located eight miles from Pittsburgh International Airport and 12 miles from downtown Pittsburgh.
Units in ARA US Hospitality Trust XZL closed at 28.5 US cents on March 25.
