Ascendas Hospitality Trust calls off plans to sell 11 hotels, shares plunge

Visual from the Ascendas Hospitality Trust website

Ascendas Hospitality Trust fell the most in more than three years after the hotel owner called off plans for a sale.

Units of the trust fell as much as 13.7 percent to 66 Singapore cents Wednesday morning in the city-state, the biggest decline since July 2012. Ascendas said its managers “decided not to proceed with, and have ceased all discussions in relation to” the proposed transaction after evaluating offers from potential buyers, according to a stock exchange statement late Tuesday.

Blackstone Group LP, Gaw Capital Partners and a group led by Varde Partners planned to submit final bids for Ascendas, people with knowledge of the matter said in February. Singapore-listed Ascendas Hospitality said last week its properties in Australia, China, Japan and Singapore are valued at S$1.49 billion ($1.1 billion).

Ascendas Hospitality owns 11 hotels with more than 4,000 rooms, including properties like Park Hotel Clarke Quay in Singapore and Novotel Beijing Sanyuan in China, its website states. The company said in its March statement that its net asset value per stapled security as at Dec 31, 2015, would be 84.2 Singapore cents, instead of the 70.3 cents announced previously, based on updated valuations.

Also read:

Starwood Capital, Fosun to consider bids for Singapore’s Ascendas Hospitality Trust

Singapore: Blackstone, Gaw Capital weighing bids for Ascendas Hospitality Trust

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.