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

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: SGX gives approval-in-principle to FHT to delist

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.