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ARA H-Trust completes acquisition of three US hotels for US$84m

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ARA US Hospitality Trust has completed the acquisition of three US hotels for US$84 million, its managers said in a bourse filing on Monday.

The freehold properties are AC by Marriott Raleigh North Hills in North Carolina, as well as Courtyard San Antonio and Residence Inn San Antonio both in The Rim shopping district in Texas. Parties agreed on a final price of US$84 million, which is a 5.5 per cent discount to the three hotels' total market value of US$88.9 million as at Dec 1, 2019, according to independent valuer HVS Consulting and Valuation Services.

 

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