Acrophyte Hospitality Trust unit sells Michigan property for $8.5m
The net divestment proceeds are estimated at approximately $7.9m (US$6.2m).
Acrophyte Hospitality Trust’s indirect wholly-owned subsidiary, ARA USH Chicago, has entered into a conditional purchase and sale agreement with AHM Hospitality to sell Hyatt Place Detroit Auburn Hills for $8.5m (US$6.65m).
The property, which has 127 rooms, is located in Auburn Hills, known for its automotive industry.
Accordingly, the net divestment proceeds are estimated at approximately $7.9m (US$6.2m).
The company intends to use the net proceeds to acquire properties, pare down existing bank borrowings, and fund capital expenditure.
($1=US$0.77)