Acrophyte Hospitality Trust (SGX:XZL) entered into a conditional purchase and sale agreement with AHM through ARA USH Chicago to sell the Hyatt Place Detroit Auburn Hills for $6.7 million, according to a Thursday filing with the Singapore Exchange.
The hotel comprises 127 rooms and commenced operations in 1996.
The property represents 1% of the trust's portfolio valuation and requires substantial capital expenditure relative to its current value. Divestment will fund capital expenditure needs for ongoing asset enhancement requirement of the existing portfolio.
Shares of the trust were down over 3% in recent trading.
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