Urban Commons

Eagle Hospitality Trust's manager and trustee announce initial restructuring and rehabilitation plans

It appears that EHT’s manager and trustee are looking to recover some of the costs from the master lessees, owned by Urban Commons.

On Aug 14, Eagle Hospitality Trust’s manager and trustee said they discovered an unauthorised loan application dated May 18, 2020 made under the United States Paycheck Protection Program (PPP) administered by the United States Small Business Adminis

Urban Commons blames the Covid-19 outbreak for EHT’s various defaults.

EHT’s board also understands that former directors of the managers have either already been interviewed, or will be interviewed in due course as part of the investigations.

“Given the present developments, it would no longer be feasible or practicable for the managers and the REIT trustee to effect the payment of the distribution in part or at all at this juncture,” says EHT’s manager.

As at end-March, Eagle Hospitality Trust says that some 14 out of its 18 hotels have ceased operations due to the Covid-19 outbreak. And with 100,000 visitors per month, the Queen Mary will be among the last places in Long Beach to reopen.

SINGAPORE (May 22): This afternoon, we received an open letter from a unitholder of Eagle Hospitality Trust. The unitholder is clearly concerned that interest payments on the REIT’s loans - US$506.6 million as at Dec 31, 2019- may have been suspended, a

The suspended Eagle Hospitality Trust is a stapled security comprising of EH-REIT which is the active part of the stapled security, and a dormant business trust. In May last year, EHT raised some US$565 million in an IPO. The portfol