Latest news with #AcrophyteHospitalityTrust
Business Times
06-08-2025
- Business
- Business Times
Acrophyte Hospitality Trust H1 DPS falls 42.2% to US$0.00432 amid portfolio contraction, softer lodging demand
[SINGAPORE] The manager of Acrophyte Hospitality Trust on Wednesday (Aug 6) posted a fall in distribution per stapled security (DPS) to US$0.00432 for its first half ended June, down 42.2 per cent from S$0.00747 in the year-ago period. The distribution will be paid out on Sep 26, after the record date of Aug 15, said the manager in its H1 business update. For the six months, income available for distribution stood at US$2.8 million, down 35.8 per cent from US$4.3 million. For the half year, operating profit fell 9.9 per cent to US$26.7 million from US$29.6 million. The declines came amid a reduction in portfolio size and softer lodging demand. The stapled group's portfolio contracted 5.7 per cent on the year. As at June, it operates 33 hotels, down from 35 in the previous year. Revenue for the period fell 6.9 per cent to US$78.1 million from US$83.9 million previously, primarily due to the sale of hotels in 2024 which led to a 7.3 per cent reduction in available rooms for sale. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The group divested three hotels in 2024 – Hyatt Place Pittsburgh Airport, Hyatt House Philadelphia Plymouth Meeting and Hyatt House Shelton. It is expected to divest Hyatt Place Detroit Auburn Hills in September. On a same-store basis, revenue was relatively stable, slipping 1 per cent. Net property income declined 14.3 per cent to US$18 million from US$21 million in H1 2024, primarily due to higher labour costs, rental expenses and insurance costs. Lee Jin Yong, chief executive of the manager, said: 'Additionally, the softening of overall US lodging demand – driven by macroeconomic uncertainty and policy-related headwinds – weighed on performance.' Revenue per available room stood at US$94 as at Jun 30, up 0.7 per cent year on year from US$93. Occupancy inched up 0.7 percentage point year on year to 68 per cent from 67.3 per cent. Net gearing was up at 40 per cent as at end-June, compared to 39.1 per cent as at end-2024. Weighted average debt maturity was 1.7 years as at Jun 30, 2025, versus 1.5 years as at Dec 31, 2024. The manager said it intends to maintain a prudent capital management strategy, including the use of hedging instruments to mitigate exposure to interest rate volatility. It will continue portfolio optimisation and rebalancing initiatives through selective divestment of non-core assets, to redeploy capital into higher-yielding core assets or for paring down of debt. Stapled securities of Acrophyte Hospitality Trust ended Tuesday unchanged at US$0.295.
Business Times
06-08-2025
- Business
- Business Times
Acrophyte Hospitality Trust H1 DPS falls 42.2% to US$0.00432
[SINGAPORE] Acrophyte Hospitality Trust on Wednesday (Aug 6) posted a fall in distribution per stapled security (DPS) to US$0.00432 for its first half ended June, down 42.2 per cent from S$0.00747 in the year-ago period. For the six months, income available for distribution stood at US$2.8 million, down 35.8 per cent from US$4.3 million. Revenue for the period fell 6.9 per cent to US$78.1 million from US$83.9 million previously. Net property income declined 14.3 per cent to US$18 million from US$21 million in H1 2024. Stapled securities of Acrophyte Hospitality Trust ended Tuesday unchanged at US$0.295.
Business Times
24-06-2025
- Business
- Business Times
Acrophyte Hospitality Trust mulls suspending or reducing distributions under strategy review
[SINGAPORE] The managers of Acrophyte Hospitality Trust are considering temporarily suspending or reducing distributions, equity fundraising or a portfolio recalibration through brand repositioning among other options as part of its ongoing strategy review for the hospitality stapled group. This follows an announcement on May 30 when the managers said they were evaluating a range of options for the stapled group, including a potential transaction involving its stapled securities, in light of potential capital expenditure needs related to its portfolio's asset enhancement requirements. The stapled group faces 'various challenges' in funding the significant capital expenditures that many of its properties require, said the managers on Monday (Jun 23). A preliminary assessment places its capital expenditures for FY2025 to FY2027 at around US$100 million, though the amount may be higher as ongoing uncertainties in US trade and immigration policies could exert further inflationary pressure on imported materials and labour costs. This amount comprises asset enhancement initiatives for 25 of the 33 hotels in its portfolio, in addition to regular maintenance and upkeep requirements. While divesting relatively aged properties that require substantial capital expenditure – such as Hyatt Place Detroit Auburn Hills – is a strategy that Acrophyte has pursued, the process has been slow. This is due to a combination of factors including elevated interest rates and a large supply of hotels that are competing for sale, the managers said. Only four properties have been divested since 2023. They said they are still reviewing options and there is no certainty that any transaction will materialise from the strategy review. They urged stapled securityholders to exercise caution in dealing with their stapled securities and to refrain from taking action that could be prejudicial to their interests. Units of Acrophyte ended Monday 1.7 per cent or US$0.005 higher at US$0.30.
Business Times
16-06-2025
- Business
- Business Times
Stocks to watch: Suntec Reit, ESR Reit, Sabana Industrial Reit, Acrophyte Hospitality Trust, Fu Yu
[SINGAPORE] THE following companies saw new developments that may affect trading of their securities on Monday (Jun 16): Suntec Reit ; ESR Reit ; Sabana Industrial Reit ; Acrophyte Hospitality Trust : ESR Group, which is the sponsor of Suntec Reit, ESR Logos Reit, Sabana Industrial Reit and Acrophyte Hospitality Trust, is expected to delist from the Hong Kong Stock Exchange on Jul 3 as its shareholders on Friday approved a scheme resolution to privatise it. The real estate fund manager received a privatisation proposal from a consortium of investors comprising Starwood Capital Operations, Sixth Street Partners, and SSW Partners in April 2024. Units of Suntec Reit ended Friday unchanged at S$1.14; units of ESR Reit ended Friday down 1.3 per cent or S$0.03 at S$2.31; units of Sabana Industrial Reit declined 2.5 per cent or S$0.01 to S$0.39 on Friday while units of Acrophyte Hospitality Trust ended Friday up 1.7 per cent or US$0.005 at US$0.295. Fu Yu : The components manufacturer announced on Sunday that all its independent directors had resigned, including Royston Tan and Christopher Huang, who is also the non-executive chairman. This comes amid attempts by Fu Yu's largest shareholder Victor Lim to oust Tan and Huang from the board. Independent director Daniel Poh also resigned over differences in opinion on the company's direction on matters not involving the day-to-day business of the company, which Tan and Huang also cited as a reason for resignation. All three quoting the investigations into Fu Yu Supply Chain Solutions as an example. Shares of Fu Yu closed down S$0.001 or 1 per cent at S$0.096 on Friday.
Skift
06-06-2025
- Business
- Skift
San Diego Could Welcome a 25-Story Hotel
J Street announced plans to transform Tower 180, a 25-story office building in Downtown San Diego, into a 560-key dual-branded project with a Hyatt Place and Hyatt House hotel. Construction is slated to begin in early 2026, and completion of the almost $250 million project is expected in the first half of 2028. With updated infrastructure already in place, the tower will be converted into a 371-key Hyatt Place and a 189-key Hyatt House hotel. The dual-branded property will feature reception areas, a lobby lounge, and a market on the ground floor; a breakfast bar with an additional overflow lounge on the second floor; and more than 12,000 square feet of meeting space across levels 9 and 10. The crown jewel of the project will be the Lurline Cocktail Club, an upscale rooftop bar and lounge on the 25th floor. Acrophyte Hospitality Trust has proposed the disposal of a hotel in Auburn Hills, Michigan, for a consideration of around $6.7 million. Through its indirectly wholly owned subsidiary ARA USH Chicago, the group entered into a conditional purchase and sale agreement to sell the 127-room Hyatt Place Detroit/Auburn Hills to AHM Hospitality. The transaction is set to be completed in the third quarter of 2025. avid hotels by IHG celebrated the opening of its 80th property with avid hotel Coralville - Iowa City. This marks the brand's second property in Iowa and the fourth dual-branded avid hotel and Candlewood Suites in the U.S. The 71-room avid hotel Coralville - Iowa City is owned by Westcor JD Royal Hospitality. Other recent openings and locations that will soon welcome guests include: the 118-room avid hotel Queretaro Centro Sur, which opened in February 2025 under the operation of Inmobiliaria Flecha Amarilla; the 80-room avid hotel Harrisburg NE - Hershey Area, which also opened in February 2025, under SNP Management, LLC; and set to become the brand's first location in California, avid hotel Victorville - Hesperia will open under Score Hospitality Inc. IHG Hotels & Resorts, in collaboration with owner Cushing Hotel, LLC, and management, Platinum Hospitality, recently finalized the opening of a newly built Holiday Inn Express & Suites hotel in Cushing, Oklahoma. The Holiday Inn Express & Suites Cushing offers 69 rooms, an outdoor pool, a fitness center, and 1,091 square feet of meeting space. Dreamscape Hospitality assumed management of Holiday Inn Express & Suites Milwaukee - West Allis, in Wisconsin, marking the company's continued expansion into key Midwest markets. The hotel features 107 guestrooms, an indoor pool, a fitness center, and a versatile 360-square-foot meeting room. A cornerstone of Saratoga Spa State Park, The Gideon Putnam is celebrating 90 years of storied hospitality with a multifaceted refresh. Over the past year, Delaware North, which manages the hotel and spa for the New York State Office of Parks, Recreation, and Historic Preservation, has renovated the hotel's 124 guestrooms, upgraded public spaces, and renewed the hotel's commitment to delivering exceptional comfort. Previous renovations by Delaware North have restored structural elements of the guestrooms and included a makeover of corridors, a refresh of Putnam's Restaurants, an extensive renovation of the hotel lobby, and a modernization of the hotel's extensive ballroom and meeting spaces. The Brooks Hotel and its owner, Emily Nelson, revealed the property's newly remodeled lobby. Along with her other renovation efforts in the building's restaurant and rooms, the lobby's completion is the end of Nelson's first phase of work on the hotel, which is located in Wallace, Idaho. Kalahari Resorts & Conventions marked a major construction milestone with a Ceremonial Steel Signing at its newest location in Spotsylvania, Virginia. Set to open in November 2026, the $900 million development is Kalahari's most ambitious resort to date. When complete, the resort will be a comprehensive vacation, entertainment, and convention destination offering: 907 guestrooms and suites; 175,000-square-foot indoor waterpark; outdoor waterpark spread across 10 acres; Tom Foolerys Adventure Park; 150,000 square feet of convention and meeting space, including two expansive ballrooms and 16 breakout rooms; 12 onsite food and beverage outlets; entertainment venues; and 10,000+ square feet of retail space, fitness center, Build-A-Bear Workshop and more. The first My Place Hotels of America hotel in Arkansas has opened in Bentonville. The 63-room My Place Hotel-Bentonville/Rogers is owned by TGC Group, the developer and property manager. The four-story hotel offers a market, an onsite laundry, and a computer with printing services. My Place Hotels has nearly 80 hotels across 31 states and more than 120 hotels in the works. Cadillac Hotel & Beach Club, located in Miami, Florida, announced the launch of the Donna Mare Italian Chophouse. HHM Hotels, through its restaurants and bars division, partnered with local chef Luigi Iannuario on the restaurant. JLL's Hotels & Hospitality Group arranged a refinancing for the Aloft Tampa Downtown, a 130-key hotel located in the heart of Tampa's urban core. JLL worked on behalf of Newbond Holdings to secure a five-year, floating-rate loan provided by funds managed by affiliates of Fortress Investment Group. The nine-story hotel features 130 rooms, two food and beverage outlets, a large lobby, an outdoor pool and deck, a 738-square-foot meeting room, a gym, and onsite valet parking. Grupo Posadas will invest around 18 billion pesos over the next three years in the construction of 30 new hotels, according to the company. The company is also evaluating another 30 possible projects. Grupo Posadas plans to expand not only in Mexico, but also to have one of the 30 hotels in Punta Cana, Dominican Republic, and the new developments will focus on brands such as Live Aqua, Grand Fiesta Americana, Curamoria and Funeeq, and it is expected that this expansion will increase the total number of rooms offered by the chain by 4,500. Personnel News Palette Hotels named Joseph Yi Chief Investment Officer. In his new role, Yi will oversee the firm's investment platform, grow the company's corporate-owned and third-party asset management portfolio, and lead Palette's strategic growth initiatives aimed at enhancing the quality and scale of the company's portfolio. Yi previously held Chief Investment Officer roles at Frontier Development & Hospitality Group and Real Hospitality Group. Europe Highlights IHG Hotels & Resorts announced the signing of a dual-branded hotel complex in Central London: voco hotel London - Waterloo and Hotel Indigo & Suites London - Waterloo, in partnership with Palm Holdings. Expected to open last quarter of 2028, the voco London - Waterloo will boast 182 guestrooms. Alongside the new voco hotel, will be the first Hotel Indigo & Suites property in Europe, which is also expected to open in the last quarter of 2028 and feature 172 guestrooms and suites. Guests at both hotels will have access to a range of shared amenities, including restaurants, bars, cafes, a gym, and a business center. Victoria Hotels & Resorts has sold two Spanish hotels to an unnamed private investor for a combined 74 million euros, according to Europe Real Estate. Victoria Hotels' principal sponsors are Bankinter Investment, GMA Capital, and Melia Hotels International. The deal is for the 102-room Innside by Melia Zaragoza and the 262-room Innside by Melia Palma Bosque. Victoria acquired the two hotels as part of an eight-hotel portfolio deal in July 2021.
