As an update, on June 28, Eagle Hospitality Trust’s trustee announced that the sale of five Chapter 11 properties to their respective successful bidders have completed. The sale of nine non-auctioned Chapter 11 properties to the Stalking Horse Bidder was completed on June 24 in the US timezone.

Altogether, the net proceeds from the sale of 14 Chapter 11 properties amounted to US$478.6 million after adjusting for transaction costs and other expenses. As at Sept 30, 2020, EHT’s total borrowings stood at US$485 million, excluding other liabilities such as trade creditors.