Acrophyte Hospitality Trust unit sells Michigan property for $8.5m

The net divestment proceeds are estimated at approximately $7.9m (US$6.2m).

Acrophyte Hospitality Trust’s indirect wholly-owned subsidiary, ARA USH Chicago, has entered into a conditional purchase and sale agreement with AHM Hospitality to sell Hyatt Place Detroit Auburn Hills for $8.5m (US$6.65m).

The property, which has 127 rooms, is located in Auburn Hills, known for its automotive industry.

Accordingly, the net divestment proceeds are estimated at approximately $7.9m (US$6.2m).

The company intends to use the net proceeds to acquire properties, pare down existing bank borrowings, and fund capital expenditure.

($1=US$0.77)

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