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Equity Bottom-Up

Eagle Hospitality Trust / Equity Bottom-Up

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<b>Post-Mortem of a Rapid Collapse:</b> <a href="https://smartkarma.com/entities/eagle-hospitality-trust">Eagle Hospitality Trust</a> (EHT) is a defunct entity currently undergoing liquidation following a catastrophic failure less than a year after its May 2019 IPO on the Singapore Exchange. Trading was suspended in March 2020, followed by a Chapter 11 bankruptcy filing for its US entities in January 2021.</li>
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<b>Severe Corporate Governance Deficiencies:</b> The trust's failure was precipitated by significant governance lapses, primarily involving its sponsor and master lessee, Urban Commons. These issues included failure to pay rent and security deposits, which led to a default on a US$341 million loan, and undisclosed prejudicial interested person transactions.</li>
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<b>Total Loss of Equity Value:</b> Following the bankruptcy, the trust's assets (a portfolio of 18 US hotels) were sold off.  Proceeds from the liquidation were directed primarily to secured creditors, resulting in a near-total loss for equity securityholders. The trust is in the final stages of being wound up and delisted.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Post-Mortem of a Rapid Collapse: Eagle Hospitality Trust (EHT) is a defunct entity currently undergoing liquidation following a catastrophic failure less than a year after its May 2019 IPO on the Singapore Exchange. Trading was suspended in March 2020, followed by a Chapter 11 bankruptcy filing for its US entities in January 2021.
  
Severe Corporate Governance Deficiencies: The trust's failure was precipitated by significant governance lapses, primarily involving its sponsor and master lessee, Urban Commons. These issues included failure to pay rent and security deposits, which led to a default on a US$341 million loan, and undisclosed prejudicial interested person transactions.
  
Total Loss of Equity Value: Following the bankruptcy, the trust's assets (a portfolio of 18 US hotels) were sold off.  Proceeds from the liquidation were directed primarily to secured creditors, resulting in a near-total loss for equity securityholders. The trust is in the final stages of being wound up and delisted.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Eagle Hospitality Trust (EAGLEHT SP) - Oct 2025

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recovery</li><li><a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggle</li><li>Frasers Hospitality forays into Cambodia, to launch 3 more properties</li></ul>

OUE Commercial REIT (OUECT SP) 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recoveryPrime US REIT (PRIME SP) 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggleFrasers Hospitality forays into Cambodia, to launch 3 more properties

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>Singaporean property play <a href="https://www.smartkarma.com/entities/singhaiyi-group-ltd" target="_blank" data-smartkarma-citation="entities:19307:1" rel="noopener">SingHaiyi (SHG SP)</a> has announced a <a href="https://links.sgx.com/FileOpen/Offer_Announcement.ashx?App=Announcement&amp;FileID=689919" target="_blank" rel="noopener">voluntary conditional cash Offer</a> from Gordan and Celine Tang, who control 75.56% of shares out. </p>
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<p>The Offer Price of S$0.117/share is an 8.3% premium to last close and 0.78x P/NAV. The acceptance condition is 90%, including the Tang's stake, although the Tang's reserve the right to reduce this to 50%. Family members with 2.81% have given an irrecoverable to tender into the Offer taking the accumulated holding to 78.37%. Save for the acceptance condition, the Offer is unconditional in all other respects.</p>
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<p>This appears a relatively listless Offer premium, however, it pitches SingHaiyi around a multi-year high. The Offer has not been declared final.</p>
<p>The entire construct is reminiscent of the Offer from <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a> for <a href="https://www.smartkarma.com/entities/gl-ltd" target="_blank" data-smartkarma-citation="entities:2540:1" rel="noopener">GL Ltd (GLL SP)</a> - <em><a href="https://skr.ma/SdJKh" target="_blank" rel="noopener">GL Limited (GLL SP): Privatisation Offer Renews Interest In Guoco</a></em> - which was successfully completed after terms were bumped. </p>
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<p>As always, more below the fold.</p>
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Singaporean property play SingHaiyi (SHG SP) has announced a voluntary conditional cash Offer from Gordan and Celine Tang, who control 75.56% of shares out. 


The Offer Price of S$0.117/share is an 8.3% premium to last close and 0.78x P/NAV. The acceptance condition is 90%, including the Tang's stake, although the Tang's reserve the right to reduce this to 50%. Family members with 2.81% have given an irrecoverable to tender into the Offer taking the accumulated holding to 78.37%. Save for the acceptance condition, the Offer is unconditional in all other respects.


This appears a relatively listless Offer premium, however, it pitches SingHaiyi around a multi-year high. The Offer has not been declared final.
The entire construct is reminiscent of the Offer from Guoco Group Ltd (53 HK) for GL Ltd (GLL SP) - GL Limited (GLL SP): Privatisation Offer Renews Interest In Guoco - which was successfully completed after terms were bumped. 


As always, more below the fold.


SingHaiyi Group (SHG SP): Tang's Conditional Offer

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> 3Q21 Business Updates – A good start with key metrics growing robustly</h3><ul><li>9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     </li></ul>

SingaporeCapitaland (CAPL SP) 3Q21 Business Updates – A good start with key metrics growing robustly9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     

<h2>Singapore</h2><h3>New private home sales fell 31% MoM in Sep21; Take-up rate remained robust at ~400%</h3><ul><li>Sales of new private homes fell again in Sep21 as developers delayed launches amid a sharp rise in Covid-19 cases and tighter safe-management measures. Developers sold 834 units in Sep21, down 31% MoM from 1,216 units in Aug21. On a YoY basis, sales were down 37% from 1,329 units in Sep20. Including ECs sold, developers moved 1,322 new homes last month, 2.0% lower MoM than in Aug21 and 6.4% lower YoY from Sep20</li></ul>

SingaporeNew private home sales fell 31% MoM in Sep21; Take-up rate remained robust at ~400%Sales of new private homes fell again in Sep21 as developers delayed launches amid a sharp rise in Covid-19 cases and tighter safe-management measures. Developers sold 834 units in Sep21, down 31% MoM from 1,216 units in Aug21. On a YoY basis, sales were down 37% from 1,329 units in Sep20. Including ECs sold, developers moved 1,322 new homes last month, 2.0% lower MoM than in Aug21 and 6.4% lower YoY from Sep20

Singapore

Eagle Hospitality Trust is a hospitality stapled group; owns 18 hotels across the U.S..

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Eagle Hospitality Trust (EAGLEHT SP)

Primer: Eagle Hospitality Trust (EAGLEHT SP) - Oct 2025

Post-Mortem of a Rapid Collapse: Eagle Hospitality Trust (EHT) is a defunct entity currently undergoing liquidation following a catastrophic...

αSK

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

OUECT persistent weakness in MG and LP; PRIME strong reversions continue; Condo/HDB rents continued rising in Jan22; ALCO introducing FY23E...

SCCM Asia Research

SingHaiyi Group (SHG SP): Tang's Conditional Offer

The Offer has not been declared final. I think there's probably enough here to get the deal over the line. I would not chase this much through...

David Blennerhassett

ASEAN Builder's Scoop (3Nov21)

CLI 3Q21 results a good start; OUECT declining QoQ reversions; MUST green shoots of recovery; HOBEE buys Melbourne site; ALLHC expands Cavite...

SCCM Asia Research

ASEAN Builder's Scoop (18Oct21)

Sep21 new home sales take-up rate at ~400%; KDCREIT/M1 concluded network asset deal; Jervois Mansion sold out @ S$2,548psf; EAGLEHT US units...

SCCM Asia Research

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