DBS Trustee, the trustee of Eagle Hospitality REIT (EH-REIT) has announced that it has entered into a purchase and sale agreement and joint escrow instructions to sell the Crowne Plaza Dallas Near Galleria-Addison to Lockwood Development Partners for a consideration of US$15.5 million ($21.1 million).

See: REIT Trustee says recovery of monies unlikely for Eagle Hospitality Trust’s minority investors

Of the consideration, an initial deposit of US$0.1 million will be placed in the escrow account by July 23. An additional deposit of US$0.9 million will be placed in the same account by July 27.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook