ARA US Hospitality Trust (ARA H-Trust) has so far survived the pandemic despite losing more than 15% of its portfolio value (see Table 2), as its investors forfeited distributions in FY2020 and possibly this year as well. On the other hand, the status of Eagle Hospitality Trust (EHT) as a listed stapled security comprising a REIT and a business trust is approaching its endgame. Its portfolio has been protected under Chapter 11 since January this year. Both ARA H-Trust and EHT listed within weeks of each other. ARA H-Trust, however, listed without the financial engineering that was a characteristic of EHT’s portfolio.

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