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Gaw Capital Partners and Blackstone Group LP are said to be weighing separate bids for Ascendas Hospitality Trust, reported Bloomberg citing people with knowledge of the matter.
With a market value of S$838 million, Ascendas announced in December that it is reviewing strategic options following receipt of unsolicited interest.
Bloomberg data showed that any offer for the Singapore-based hotel owner will add to US$9.2 billion (S$13 billion) in acquisitions of Singapore property firms and real estate trusts unveiled in the past year. In October, Lone Star Funds agreed to acquire the Japanese assets of Saizen REIT for 44.7 billion yen (S$541.5 million).
Backed by Ascendas Pte, Ascendas Hospitality Trust owns 11 hotels in China, Japan, Singapore and Australia, including Ibis Beijing Sanyuan, Park Hotel Clarke Quay (pictured) and Novotel Sydney Central.
Ascendas Hospitality Trust dropped two percent to S$0.75 in Singapore trading yesterday.
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