The proposed sale of the 126-room Hyatt Place Memphis Primacy Parkway has been terminated by the purchaser, Shivam Patel, announced Acrophyte Hospitality Trust on March 16.
The purchaser terminated the agreement via written notice before the expiry of the due diligence period, which had been mutually extended to March 16. The earnest money deposit of US$100,000 ($128,157.50) has been refunded.
A conditional purchase and sale agreement (PSA) was entered into between the parties on Dec 17, 2025, where the property would have sold for US$7.75 million, below the independent valuation of US$8.5 million as at July 31, 2025. The managers of the REIT would have been entitled to a divestment fee of US$39,000 if the sale went through.
As at 11.23am, units in Acrophyte Hospitality Trust are trading 0.5 cents higher or 2.08% up at 24.5 cents.
