2 private equity firms weigh separate bids for Ascendas Hospitality Trust: Reports

Two private equity firms are weighing separate bids for Ascendas Hospitality Trust, in a deal that could be worth around US$600 million (S$860 million), according to newswire reports on Thursday (Dec 7).

Ascendas Hospitality Trust owns a total of 11 hotels in Australia, China, Japan and Singapore. The majority of its properties are in Australia.

According to a Reuters report, the two interested bidders are the Blackstone Group and Hong Kong-based Gaw Capital Partners.

Ascendas Hospitality Trust said in December that it was reviewing all options, following the receipt of an offer to buy out the Singapore-listed trust.

Market analysts have said that falling valuations among real estate investment trusts and property companies have made potential mergers and acquisitions more attractive.

Source : Channel NewsAsia – 7 Jan 2016