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Gordon and Celine Tang to acquire manager of ARA US Hospitality Trust

The Edge Singapore
The Edge Singapore  • 2 min read
Gordon and Celine Tang to acquire manager of ARA US Hospitality Trust
Gordon Tang unit enters SPA to acquire ARA US Hospitality Trust's REIT and trustee manager, and 19% of the trust
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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 XZL, a stapled security which holds US hotels.

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 LIW was listed on May 25 of the same year at 78 US cents.  

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: MLT to divest Mapletree Logistics Warehouse (Xian) for RMB70.5 mil

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.

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