Singapore’s DBS Trustee proposes SCCPRE as the new manager of Eagle Hospitality REIT

Visual from the Ascendas Hospitality Trust website

Singapore’s SCCPRE Hospitality REIT Management (SCCPRE-HRM) has been proposed as the new manager of the Eagle Hospitality Real Estate Investment Trust (EH-REIT), the latter’s trustee, DBS Trustee, said in a press statement.

SCCPRE-HRM is a wholly-owned arm of SCCPRE Nineteen, part of SC Capital Group controlled by its founder Suchad Chiaranussati.

The announcement by DBS Trustee came a day after it received a directive from the Monetary Authority of Singapore (MAS) to remove the incumbent manager and appoint a new one within one month. However, the appointment of SCCPRE-HRM as the new manager of the Eagle Hospitality REIT will be subject to regulatory approvals and relevant licences.

Eagle Hospitality REIT is undergoing a recapitalisation and restructuring exercise which includes the appointment of the new manager. In March 2020, the Eagle Hospitality Trust defaulted on a $341 million loan facility, per media reports. Since June 2020, EHT was being investigated by MAS and the Commercial Affairs Department of the Singapore Police Force.

The proposal for an incoming manager was decided following DBS Trustee’s discussions with Eagle Hospitality REIT’s financial advisor Moelis. They evaluated proposals received under a request-for-proposal (RFP) process, said DBS Trustee. The RFP process took place over the last three months and saw a total of 15 interested parties participating in this process.

The proposal from SCCPRE-HRM was considered most compelling as it is backed by SC Capital Group’s track record of managing and delivering strong asset performances, said DBS Trustee. Besides, SC Capital Group also has a network of relationships with various players in the hospitality sector, as well as in raising capital from its financial partners.

The compliance with MAS’ directive is expected to serve the interests of stapled security holders.

Eagle Hospitality-REIT is part of EHT which lists 18 US hotel properties on the Singapore Stock Exchange (SGX). EHT’s stock was voluntarily suspended on March 24, this year following the default on the loan facility.

Singapore Reporter/s

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

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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.