Eagle Hospitality Trust to begin audit of Queen Mary lease agreement

AN audit of the Queen Mary lease agreement by the City of Long Beach's auditor will be commencing, in a bourse filing by Eagle Hospitality Trust (EHT).

The City of Long Beach indicated that an outside review of financial statements is a normal practice of good lease management. The upcoming audit of the Queen Mary's financials and lease compliance will be the sixth audit of the Queen Mary conducted by the office. The previous five audits were conducted while the Queen Mary was managed by a different operator.

The upcoming audit relates to calendar years 2017 and 2018, a period before Eagle Hospitality Reit owned the leasehold interest of the Queen Mary. The sixth audit is a continuation of the office's work to ensure good stewardship of the Queen Mary, said EHT.

It added that all business operations will proceed as usual and that it will make the necessary announcements as and when there are any material updates relating to the Queen Mary.