Acrophyte Hospitality Trust to sell Memphis Hyatt Place for $9.137m

It plans to sell the hotel to Shivam Patel.

Acrophyte Hospitality Trust (ACRO-HT) entered into a conditional purchase and sale agreement to sell its Hyatt Place Memphis Primacy Parkway in Memphis, Tennessee, for a consideration of $9.137m (US$7.75m.)

ACRO-HT plans to sell the property through its wholly-owned subsidiary ARA USH Chicago to Shivam Patel, it said in a bourse filing.

Hyatt commenced operations in 1996, features 126 rooms, and is considered an underperforming asset within its portfolio, it added.

The business expected a net profit income of $57.2m (US$44.3m) from the sale.

ACRO-HT intends to use the net proceeds from the sale in the near term to fund the ongoing renovations of the existing portfolio, pare down existing bank borrowings, acquire accretive, and higher yield properties, and or meet general working capital needs, it said in the filing.

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