Far East Hospitality Trust

Far East Hospitality Trust: Group announced acquisition of Rendezvous Hotel and Rendezvous Gallery from Straits Trading, for $264.3m. Hotel has 298 rooms; Gallery with 3 levels of retail space with net floor area of ~24,700 sqft. Acquisition is expected to be yield accretive, and will be financed by the proposed issue of new stapled securities in Far East Hospitality Trust to Straits Trading as well as debt facilities. Recent OMV by valuators: Colliers, (8 Mar 2013): $277m; Jones Lang LaSalle (4 Apr 2013): $268.5m; Mgmt believes there is further room to grow the RevPAR of the Hotel and the Acquisition presents Trust with an attractive opportunity to leverage on the expertise and the hotel operator to grow the Hotel’s business.