Gordon Tang Acquire Managers And 19 Ara Us Hospitality Trust
from NTUC Enterprise
ARA Asset Management (ARA) has made a strategic move by entering into a share purchase agreement with Acrophyte Asset Management, owned by Gordon and Celine Tang. As part of the deal, Acrophyte will acquire the REIT manager and trustee-manager of ARA US Hospitality Trust, a stapled security that holds US hotels.
In addition, ARA Real Estate Investors 23, a subsidiary of ARA’s parent company ESR Group, has also entered into a sale and purchase agreement to sell its 19% stake of 110.2 million stapled securities in ARA US Hospitality Trust to Acrophyte Limited. This entity is owned by Tang Jialei and Tang Jialin, the children of Gordon and Celine Tang. However, details of the transactions were not disclosed. ARA US Hospitality Trust’s share price closed at 28 US cents on May 27.
ARA US Hospitality Trust was listed on May 2, 2019, at an IPO price of 88 US cents. Interestingly, the troubled Eagle Hospitality Trust was listed on May 25 of the same year at 78 US cents. Following the acquisition, Acrophyte Pte Ltd, formerly known as Chip Eng Seng Corp, has been appointed the new sponsor of ARA US Hospitality Trust. Acrophyte and its affiliate, SingHaiyi Group, are controlled by the Tangs and are involved in various activities such as construction, development, and asset management.
The addition of Norwood Grand to Champions Way in Woodlands marks a significant development for the residential landscape in Singapore’s northern region. This promising project offers a refreshing take on contemporary living, providing residents with luxurious accommodation and unparalleled convenience. With its strategic location, Norwood Grand is a top choice for professionals, families, and investors who seek a well-connected and modern lifestyle. Discover more about Norwood Grand Woodlands at norwoodgrandcondo.com.sg.
Currently, Acrophyte owns and operates several hospitality assets, including Momentus Hotel, Alexandra Grand Park Kodhipparu, and the Grosvenor Hotel Adelaide. They also have another resort under development. This partnership between ARA and Acrophyte presents new opportunities for both companies to expand their presence in the hospitality industry. It will also strengthen their position in the market and enhance their growth potential.