Gordon Tang Acquire Managers And 19 Ara Us Hospitality Trust

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for $155 milARA Asset Management (ARA), a subsidiary of ESR Group, has recently signed a share purchase agreement with Acrophyte Asset Management, the investment arm of Gordon and Celine Tang, to acquire the REIT manager and trustee-manager of ARA US Hospitality Trust, a stapled security holding US hotels. As part of the transaction, ARA Real Estate Investors 23, also a subsidiary of ESR Group, has agreed to sell its 19% stake of 110.2 million stapled securities in ARA US Hospitality Trust to Acrophyte Limited, an entity owned by Tang Jialei and Tang Jialin, the children of Gordon and Celine Tang. No specific prices have been disclosed for both deals. ARA US Hospitality Trust ended trading at 28 US cents on May 27. The trust was previously listed on May 2, 2019 at an IPO price of 88 US cents, while Eagle Hospitality Trust, another US hotel REIT, was listed on May 25 of the same year at 78 US cents. Acrophyte Pte Ltd, formerly known as Chip Eng Seng Corp, has been appointed as the new sponsor of ARA US Hospitality Trust. The company, along with affiliate SingHaiyi Group, is owned and operated by the Tangs and is involved in various activities, including construction, development, and asset management. Acrophyte currently owns and operates hospitality assets such as Momentus Hotel, Alexandra Grand Park Kodhipparu, Grosvenor Hotel Adelaide, and a soon-to-be-completed resort.