ARA Asset Management Ltd. is planning a Singapore IPO of its U.S. hotel properties through a real estate investment trust that could raise up to US$500 million and value the real estate fund manager at more than US$700 million, The Wall Street Journal reported, citing people familiar with the planned listing.

The company will start tapping cornerstone investors in March and intends to list in May, the unnamed sources said, according to the March 18 report. The planned REIT is likely to include Hyatt House in Fishkill, N.Y.; Hyatt House in Burlington, Mass.; Hyatt Place in Birmingham, Ala.; and Hyatt Place in Charlotte, N.C.

Global private equity firm Warburg Pincus LLC holds a 30.7% stake in ARA Asset Management, making it the biggest shareholder of the fund manager, which bought of a portfolio of 38 Hyatt-branded hotels across 21 U.S. states in December 2018.

The publication could not obtain a comment on the planned listing from Warburg Pincus or ARA Asset Management.