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Straits Times
3 days ago
- Business
- Straits Times
Singapore-listed Acrophyte Hospitality Trust jumps as it ‘evaluates strategic options'
Seven more hotels in Acrophyte's portfolio are slated for asset enhancement initiatives in 2025, after six hotels completed theirs in 2024. PHOTO: ACROPHYTE HOSPITALITY TRUST SINGAPORE - A strategic review is underway for Acrophyte Hospitality Trust, formerly known as ARA US Hospitality Trust, as a potential transaction involving its stapled securities is on the table but not guaranteed. The renaming of the Singapore-listed hotel trust was done in 2024 after the family of billionaire couple Gordon Tang and wife Celine completed their takeover of ARA US Hospitality Trust's managers. Their vehicle for this was Acrophyte, which was known as Chip Eng Seng until the Tangs privatised the company in 2023. The Tang family also upped their stake to become the trust's largest unit-holder and sponsor. On May 30, the managers of Acrophyte Hospitality Trust said that they are currently evaluating a 'range of strategic options' in light of the potential capital expenditure needed to enhance its portfolio of hospitality assets in the United States. 'In connection with their evaluation, the managers are also in discussions with the sponsor in respect of a potential transaction involving the stapled securities,' they said. Despite being in the process of reviewing options, the managers emphasised that 'there is no certainty that any transaction will materialise' from the ongoing review or discussions. Acrophyte's stapled securities jumped 11.3 per cent, or three cents, to 29.5 cents as at 11.24am on May 30. This after a gain of 7.5 per cent on May 29, before the announcement. Seven more hotels in Acrophyte's portfolio are slated for asset enhancement initiatives in 2025, after six hotels completed such initiatives in 2024. Work on two Marriott-branded hotels will commence in June as that on five Hyatt-branded ones will start in November. The hospitality stapled group comprises Acrophyte Hospitality Property Trust and Acrophyte Hospitality Management Trust. For the fiscal first quarter of 2025, its revenue declined 7.7 per cent to US$33.5 million from US$36.2 million in the year-ago period amid an 8.3 per cent year-on-year downsizing of its portfolio. Its Q1 operating profit was 12.8 per cent lower at US$9.3 million, from US$10.7 million in the previous corresponding period. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Daily Tribune
20-02-2025
- Sport
- Daily Tribune
HH Shaikh Khalid bin Hamad Receives AMMA Federation President to Discuss Growth of Mixed Martial Arts in Asia
His Highness Shaikh Khalid bin Hamad Al Khalifa, First Deputy Chairman of the Supreme Council for Youth and Sports (SCYS), Chairman of the General Sports Authority (GSA), and President of the Bahrain Olympic Committee (BOC), received Gordon Tang, President of the Asian Mixed Martial Arts Federation (AMMA) and Vice President of the Olympic Council of Asia (OCA) for the 4th Asian Youth Games. During the meeting, HH Shaikh Khalid bin Hamad emphasized the important role of the AMMA Federation in advancing mixed martial arts (MMA) across Asia. He commended the federation's achievements and discussed potential collaboration opportunities to further develop the sport, highlighting Bahrain's growing reputation as a hub for major championships and its commitment to supporting MMA's growth. Tang, in turn, praised Bahrain's contribution to the sport and the progress made by the Bahrain Mixed Martial Arts Federation. He expressed his eagerness to work closely with Bahrain to continue driving the sport's development, focusing on advancing shared goals for the future. The meeting marked a significant step in strengthening ties between Bahrain and the AMMA Federation as both sides seek to elevate MMA in Asia and beyond.
