Hyatt Place Memphis sale scrapped as buyer terminates agreement

The buyer elected to terminate the agreement 16 March at the end of an extended due diligence window.

Acrophyte Hospitality Trust Management Pte. Ltd., manager of Acrophyte Hospitality Property Trust (ACRO-REIT), and Acrophyte Hospitality Business Trust Management Pte. Ltd., trustee-manager of Acrophyte Hospitality Management Trust (ACRO-BT), said the proposed sale of Hyatt Place Memphis Primacy Parkway has been terminated.

The managers said in a press statement that the purchaser elected to terminate the Purchase and Sale Agreement (PSA) before the end of the due diligence period, which had been mutually extended to 16 March 2026.

As a result, the proposed transaction has been cancelled and the earnest money deposit of $128,164 (US$100,000) has been refunded to the purchaser.

The managers said they will continue to explore strategic options for the property and will make further announcements if there are material developments, in line with the Singapore Exchange Listing Manual.

$1 = US$0.78

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