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

By The Edge Singapore

/ EdgeProp Singapore |

May 27, 2024 9:59 PM SGT

Gordon Tang unit enters SPA to acquire ARA US Hospitality Trust's REIT and trustee manager, and 19% of the trust (Photo: ARA US Hospitality website)

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ARA Asset Management (ARA), which is owned by ESR Group, has entered into a share purchase agreement with Acrophyte Asset Management, owned by Gordon and Celine Tang. Acrophyte will acquire the REIT manager and trustee-manager of ARA US Hospitality Trust, 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, the children of Gordon and Celine Tang.

No prices were mentioned for both transactions. ARA US Hospitality Trust closed at 28 US cents on May 27.

Read also: Sora's preview weekend draws 3,000 visitors to sales gallery

ARA US Hospitality Trust was listed on May 2, 2019, at an IPO price of 88 US cents. Interestingly, the infamous Eagle Hospitality Trust 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.

Acrophyte 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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