Four EH-Reit Chapter 11 properties sold for US$117.2m; rest to be sold by end-June
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THE sale of four Chapter 11 properties of Eagle Hospitality Real Estate Investment Trust (EH-Reit) were completed on June 3, EH-Reit trustee DBS Trustee said in a bourse filing on Monday.
The four properties sold are Sheraton Denver Tech Center, Four Points by Sheraton San Jose Airport, Embassy Suites by Hilton Anaheim North and Double Tree by Hilton Salt Lake City, with a total consideration of US$117.2 million.
DBS Trustee expects the US$38.2 million sale of Hilton Atlanta Northeast to take place on or about June 8. The five properties received qualified bids following an auction held on May 20.
The estimated US$153.44 million in net proceeds from the five properties will be used to repay the debtor-in-possession financing obtained by the EH-Reit's Chapter 11 entities, DBS Trustee said.
It expects the remaining Chapter 11 properties, excluding the Queen Mary Long Beach, to conclude their sales by end-June.
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