Buyers bid on Eagle Hospitality Trust hotels

Atlanta

A portfolio of U.S. hotels owned by Singapore-based REIT Eagle Hospitality Trust have have secured successful bids as part of ongoing bankruptcy proceedings.

According to Asian real estate website mingtiandi.com, entities that owned 15 EHT hotels struck a deal with stalking-horse bidder Madison Phoenix—an affiliate of distressed-debt specialist Monarch Alternative Capital—which agreed to buy some of the hotels for an aggregate consideration of $470 million.

This effectively set the “floor price” for the portfolio of properties included in the Chapter 11 proceedings, and was subject to higher or better competing bids that could be submitted by other interested parties during the second bid round.

Read more on our our sister publication Hotel Management