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ARA H-Trust obtains US$75m in loans to fund purchase of US hotels
ARA US Hospitality Trust (ARA H-Trust) has taken out US$75 million in unsecured loans to partially finance its US$84.5 million acquisition of three Marriott-branded hotels in the US.
The facilities comprise a US$66 million term loan and a US$9 million revolving credit facility, ARA H-Trust said in a regulatory filing on Friday, without disclosing the identities of the lenders.
Stapled securities in ARA H-Trust closed at 87 US cents on Thursday, up 0.6 per cent, or 0.5 cent.
ARA H-Trust is a Singapore-based stapled group comprising ARA US Hospitality Property Trust and ARA US Hospitality Management Trust.
Separately, earlier this week, ARA Asset Management, which manages the trust, said it had entered into a strategic transaction with Logos Group to set up a logistics real estate platform in Asia-Pacific.