Ascendas Hospitality Trust prices $364 million Singapore IPO

The trust gets the deal done despite a last minute change to its hotel portfolio and prices at a 7.9% yield for the current fiscal year.
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The Pullman Ambassador Changwon, which has been dropped from the deal
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<div style="text-align: left;"> The Pullman Ambassador Changwon, which has been dropped from the deal </div>

Ascendas Hospitality Trust will raise S$459.3 million $364 million from its initial public offering in Singapore after it dropped one hotel from its portfolio and fixed the price at the bottom of the range.

Ascendas Hospitality, which first started pre-marketing in May and finally launched the deal on July 9, was set to price last Friday. But the registration of the prospectus didn’t happen until yesterday when the company said in a statement that it had decided to proceed with the IPO without a South Korean hotel in its initial portfolio.

The company said it has “very recently” learned that injunctions have been made by creditors against...

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