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ARA lodges IPO prospectus to become first listed US hospitality trust

Its initial portfolio comprises 38 hotels in the US worth $980.41m.

ARA US Hospitality Trust has lodged a prospectus for its initial public offering (IPO).

According to the timeline it has set, the trust will open the public offer on 2 May 2019 and close it on 7 May. Trading will start on 9 May.

The initial portfolio of ARA US Hospitality Trust comprises 38 hotels consisting of 27 Hyatt Place hotels and 11 Hyatt House hotels located in the US, with a total of 4,950 hotel rooms and a total appraised value of $980.41m (US$719.5m).

ARA H-REIT indirectly holds the Initial Portfolio through its wholly-owned subsidiaries, whilst ARA H-Business Trust is an active BT which manages and operates the properties through a third-party hotel manager, Aimbridge.

The REIT Manager also intends to draw down an amount of US$251.8 million from the New Loan Facilities (as defined herein).

For 2019, the trust is projected to post net property income (NPI) of US$42.3m and a distributable income of US$26.1m.

ARA US Hospitality Trust has assigned DBS as its sole issue manager; DBS, OCBC, and UOB as its joint financial advisers and joint global coordinators; and DBS, OCBC, UOB, and Credit Suisse as its joint bookrunners and underwriters. 

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