Latest news with #Hyatt-branded
Straits Times
2 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.
Business Times
2 days ago
- Business
- Business Times
Acrophyte Hospitality Trust undergoes strategic review, in talks for potential transaction involving stapled securities
[SINGAPORE] A strategic review is underway for Acrophyte Hospitality Trust , as a potential transaction involving its stapled securities is on the table but not guaranteed. On Friday (May 30), the managers said that they are currently evaluating a 'range of strategic options' for the hospitality stapled group. This is in light of its potential capital expenditure needs in relation to the ongoing asset enhancement requirements of its existing portfolio. '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. 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. 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 hospitality stapled group comprises Acrophyte Hospitality Property Trust and Acrophyte Hospitality Management Trust. It was formerly known as ARA US Hospitality Trust. In its Q1 2025 business update, 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. Stapled securities of Acrophyte ended pn Thursday 9.4 per cent or US$0.025 higher at US$0.29, before the announcement.
Tourism Breaking News
29-01-2025
- Business
- Tourism Breaking News
Hyatt signs agreement with Royal Commission for AlUla to launch new Hyatt Place AlUla Hotel in Saudi Arabia
Post Views: 167 Hyatt announced a management agreement with the Royal Commission for AlUla (RCU) for the first Hyatt-branded hotel in AlUla, Hyatt Place AlUla. Expected to open by end of 2025, the hotel will add a total of 215 keys to the Hyatt room portfolio in Saudi Arabia and provide a new destination of choice for World of Hyatt members and guests visiting the region. The planned introduction of Hyatt Place AlUla is part of broader efforts by Hyatt to showcase rich heritage and unique landscapes to international visitors. 'We look forward to adding Hyatt Place AlUla to our growing portfolio of properties in the region,' said Ludwig Bouldoukian, Regional Vice President, Development, Middle East and Africa, Hyatt. 'This significant project underscores our commitment to expanding our brand presence in key leisure and business markets. We are thrilled that this upcoming hotel will provide more choice to our World of Hyatt members looking to explore the culture and beauty of AlUla.' Hyatt Place AlUla will include 215 modern styled guestrooms, two food and beverage outlets, meeting space, a pool, and a fitness center, ensuring comfortable stays regardless of the travel occasion. Whether traveling for work or to explore AlUla, a rising cultural destination, the new hotel will seamlessly blend functionality with its renowned charm, providing a local home-base for guests and members. Once operational, the property will participate in World of Hyatt, the industry's fastest growing loyalty program, that offers approximately 51 million members a variety of valuable benefits around the globe, such as member-only offers, room upgrades, free nights, late checkout, and more. Abeer AlAkel, CEO of Royal Commission of AlUla (RCU), said, 'The agreement with Hyatt advances RCU's regeneration of AlUla as a great place to live, work and visit. Hyatt Place AlUla will create jobs for the community and add to the range of accommodation options for tourists and business people. Collaborations with established and knowledgeable operators such as Hyatt support the regeneration of AlUla County and honor its legacy as a hospitable meeting place for people from diverse cultures.' AlUla is home to some of the Kingdom's most notable attractions including Saudi Arabia's first UNESCO World Heritage Site, Hegra, as well as other heritage sites as a central point of the ancient Incense Road trading route. The destination is also known with its green oasis of verdant palm trees, citrus and other native flora, iconic rock formations carved by nature over millions of years, breathtaking desert canyons and valleys, making it the ideal destination to open the second Hyatt Place hotel in Saudi Arabia. Located within 25 kilometers northwest of AlUla International Airport, Hyatt Place AlUla is set to offer seamless connectivity for international and domestic travelers. Hyatt Place AlUla's prime central location is in proximity to key tourist attractions, from well-preserved heritage and cultural sites to picturesque landscapes, including 12th century AlUla Old Town which offers alfresco dining and boutique retail offering locally-made souvenirs, Jabal Ikmah, a mountain known for its hundreds of ancient rock inscriptions and petroglyphs, the cultural oasis including shaded outdoor eateries, art galleries and more. These treasures are central to RCU's vision to establish AlUla as a leading global destination for cultural and natural heritage.
Trade Arabia
27-01-2025
- Business
- Trade Arabia
Hyatt to launch Hyatt Place hotel in AlUla
Hyatt has signed a management agreement with the Royal Commission for AlUla (RCU) for the first Hyatt-branded hotel in AlUla, Hyatt Place AlUla. The hotel, set to open by the end of 2025, will add 215 keys to the Hyatt room portfolio in Saudi Arabia and offer a new destination for World of Hyatt members and guests visiting the region. The hotel will feature 215 modern guestrooms, two food and beverage outlets, meeting space, a pool, and a fitness center, providing comfortable stays for both work and leisure travellers. 'We look forward to adding Hyatt Place AlUla to our growing portfolio of properties in the region,' said Ludwig Bouldoukian, Regional Vice President, Development, Middle East and Africa, Hyatt. 'This significant project underscores our commitment to expanding our brand presence in key leisure and business markets. We are thrilled that this upcoming hotel will provide more choice to our World of Hyatt members looking to explore the culture and beauty of AlUla.' Hyatt Place AlUla will participate in World of Hyatt, the industry's fastest-growing loyalty program, offering member-only offers, room upgrades, free nights, and late checkout. AlUla, home to Saudi Arabia's first UNESCO World Heritage Site, Hegra, and other heritage sites, is known for its green oasis of verdant palm trees, citrus, and other native flora. Located 25 kilometers northwest of AlUla International Airport, Hyatt Place AlUla offers seamless connectivity for international and domestic travellers. Abeer AlAkel, CEO of Royal Commission of AlUla (RCU), said, 'The agreement with Hyatt advances RCU's regeneration of AlUla as a great place to live, work and visit. Hyatt Place AlUla will create jobs for the community and add to the range of accommodation options for tourists and business people. Collaborations with established and knowledgeable operators such as Hyatt support the regeneration of AlUla County and honor its legacy as a hospitable meeting place for people from diverse cultures.'
