ARA Asset Management (ARA), which is owned by ESR Group, has entered into a shares purchase agreement with Acrophyte Asset Management, owned by Gordon and Celine Tang, to acquire the REIT manager and trustee-manager of ARA US Hospitality Trust
In the same announcement, ARA Real Estate Investors 23, held by ESR, has also entered into a sale and purchase agreement to divest its 19% stake of 110.2 million stapled securities in ARA US Hospitality Trust to Acrophyte Limited, an entity held by Tang Jialei and Tang Jialin.
No prices were mentioned for both transactions. ARA US Hospitality Trust closed at 28 US cents on May 27.
ARA US Hospitality Trust was listed in on May 2, 2019, at an IPO price of 88 US cents. Interestingly, the infamous Eagle Hospitality Trust
Acrophyte Pte Ltd, which used to be called Chip Eng Seng Corp, has been appointed the new sponsor of ARA US Hospitality Trust.
Together with its affiliate SingHaiyi Group, both entities are controlled by the Tangs, and are involved in a range of activities ranging from construction to development to asset management.
See also: IREIT signs 20-year lease contract with UK hotel chain, Premier Inn, in Berlin Campus
Acrophyte Pte Ltd invests in and operates hospitality assets Momentus Hotel, Alexandra Grand Park Kodhipparu and the Grosvenor Hotel Adelaide, as well as another resort under development.
