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Ascendas Hospitality formalizes China exit with 1.16B-yuan deal completion

Singapore-listed Ascendas Hospitality Trust completed May 18 the roughly 1.16 billion-yuan divestment of its two remaining properties in China.

The transaction, carried out through Ascendas Hospitality Business Trust and announced in January, paved the way for the trust's exit from China. It involved the sale of the hotel-focused trust's entire shareholding in Ascendas China Hotel Investment Ltd. and Ascendas Hospitality China Pte. Ltd., the owners of the 306-room Beijing Novotel Sanyuan and the 397-room Ibis Beijing Sanyuan.

China Hospitality Bidco Ltd. and China Hospitality Bidco 2 Ltd., both of which are held by TPG Asia Real Estate Holdings Ltd., are the new owners of the hotels, according to an earlier release.

As of May 18, US$1 was equivalent to 6.38 yuan.