Gordon and Celine Tang to acquire manager of ARA US Hospitality Trust

ARA Asset Management (ARA), which is owned by ESR Group, has entered into a shares purchase agreement with Acrophyte Asset Management, owned by Gordon and Celine Tang, to acquire the REIT manager and trustee-manager of ARA US Hospitality Trust XZL, a stapled security which holds US hotels.

In the same announcement, ARA Real Estate Investors 23, held by ESR, has also entered into a sale and purchase agreement to divest its 19% stake of 110.2 million stapled securities in ARA US Hospitality Trust to Acrophyte Limited, an entity held by Tang Jialei and Tang Jialin.