Ascendas Hospitality Business Trust on Wednesday cut the size of its planned initial public offering and removed a Korean hotel from its initial portfolio.
Ascendas will now sell 437.325 million stapled securities, from between 506.075 million and 529.648 million units previously, at $0.88 apiece, according to an amended prospectus filed on Wednesday.
The Pullman Ambassador Changwon hotel was listed as one of the trust's assets in a draft prospectus but was removed from the latest version, reducing the value of the portfolio to $1.05 billion from $1.18 billion.
It is not clear why the asset has been removed from the trust. Ascendas Hospitality said in its initial prospectus the vendor of the South Korean hotel, Dosiwasaram Co Ltd, had obtained consent from some of its creditors to sell the property, but there was no guarantee all consents had been secured.
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