ARA H-Trust sells managers to tycoon Gordon Tang 

Tang's children also acquired 19.0% of the trust's stapled securities.

ARA US Hospitality Trust (ARA H-Trust) has sold its managers to Acrophyte Asset Management, owned by Gordon Tang and his wife, Celine Tang.

In a bourse filing, ARA H-Trust said the owner of its sponsor, ARA Asset Management, sold 1.5 million ordinary shares in the capital of the ARA Trust Management (USH) and 50,000 ordinary shares in the capital of the  ARA Business Trust Management to Acrophyte Asset Management.

ARA Trust Management (USH) is the REIT manager of  ARA US Hospitality Property Trust, whilst ARA Business Trust Management is the trustee-manager of ARA US Hospitality Management Trust.

Apart from acquiring the managers, Tang and his family, through Acrophyte Limited, also acquired 110,200,640 stapled securities of ARA H-Trust, or 19.0% of the trust’s Stapled Securities in issue.

Acrophyte Limited is a wholly-owned entity of Tang Jialei and Tang Jialin, children of Gordon and Celine.

“The completion of each of the proposed transactions is subject to the fulfilment of conditions precedent in the Shares Purchase Agreement and the Securities Purchase Agreement,” ARA H-trust said.

“Lee Jin Yong will remain as Chief Executive Officer of the managers following the proposed transactions,” the REIT added.