It’s been a while since we had a SGX mainboard IPO, so boy, does it feel good to go through the ARA US Hospitality Trust prospectus.
Basics: ARA US Hospitality TrustARA US Hospitality Trust is a stapled trust consisting of ARA Hospitality REIT, and ARA Hospitality Business Trust. It’s a fairly common structure for hospitality REITs, where the REIT component holds the asset, and the business trust component serves as a tenant and operator of last resort, in the event that the REIT can’t find an operator to run it. For ARA US Hospitality Trust, the business trust component is active on day one (so it effectively leases to itself and runs it), but the day to day property management is handled by a third party manager.
The REIT holds 38 properties in total, 27 from Hyatt Place, 11 from Hyatt House. They’re all part of
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