Eagle Hospitality Trust (EHT)

Covid-19 has hit the REIT sector differently and the listing rules ought to be tweaked

The trustee will comply with MAS' directive to remove EHT's manager

MAS has serious concerns about EH-REIT Mgt’s ability and commitment to comply with rules and regulations

EHT says investigations are still ongoing and that none of the individuals have been charged for any offence.

According to a filing on August 30, Stubbe had offered himself for re-election as a director of the managers as well as his role as an independent director of the managers of EHT.

According to a filing on July 23, 2020, EHT’s manager says that no definitive agreement had been signed, and that the managers were informed by FECIL that it will not be proceeding with the transaction.

Increasingly, questions are arising from last May’s initial public offer (IPO) of Eagle Hospitality Trust (EHT). Among other things, was the IPO an elaborately thought out financially engineered transaction to net the sponsor, Urban Commons, the monies?

Eagle Hospitality Trust formed a series of subsidiaries to hold its 18 properties which are referred to as master lessors. Its sponsor Urban Commons also formed 18 subsidiary companies some of which are Cayman registered to act as master lessees.

Eagle Hospitality Trust’s manager has made several announcements this year on various agreements that its sponsor Urban Commons has defaulted on. Among them are non-disturbance agreements and key money agreements.

The manager of Eagle Hospitality Trust (EHT) announced Sunday evening (June 21) that it has received additional notices of default by certain master lessees under the hotel management agreements.