In addition, EHT’s manager referenced our story “Closer look at EHT’s portfolio following Nov 2 reply to SGX”, where we mentioned the prices paid by ASAP International Holdings for three of the six hotels ASAP6 Portfolio Vendors sold into the REIT.
SINGAPORE (Nov 6): Eagle Hospitality Trust’s manager has clarified that it does have clean title to the Queen Mary Long Beach ground lease which comprises a ship and the adjacent car park.
“EH-REIT owns the leasehold interest to Queen Mary which it acquired at the time of the IPO. EH-REIT does not lease the ship from Urban Commons, but rather EH-REIT sub-leases the Queen Mary to Urban Commons with the express consent of the City of Long Beach, and… in the event of a default by Urban Commons to make required repairs at the Queen Mary, EH-REIT reserves the right to cure the default and make the repairs itself at Urban Commons expense and/or to terminate the existing master lease and enter into a new master lease with a third party,” the REIT manager says in an announcement dated Nov 6.
