Acrophyte Hospitality Trust to suspend distribution payout to stapled securityholders till 2H2028

Teo Zheng Long

Aug 06

As at June 30, the manager had US$26.0 million in cash, of which around US$4.5 million was reserved for hotel operating requirements.The manager of Acrophyte Hospitality Trust (ACRO-HT) announced that...

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The manager states that this suspension is expected to remain in place until 2H2028.\nIn the Aug 6 announcement, the manager explained that the decision was made due to substantial capital expenditure commitments, the ongoing negotiations to extend and amend its upcoming loan facilities, and the constraints associated with the capital preservation measures and funding alternatives.\nIn terms of capital expenditure commitments, as announced back in June 23, 2025, the manager first estimated US$100 million ($128 million) of capital expenditure over FY2025 to FY2027 to complete the brand-mandated renovations, ongoing required portfolio maintenance and any operational related equipment replacement.\nTogether with the US$30.5 million spent in FY2025, the manager expects to incur another US$26.6 million and US$45 million in FY2026 and FY2027 respectively in terms of capital expenditure. \nAs at June 30, the manager had US$26.0 million in cash, of which around US$4.5 million was reserved for hotel operating requirements. Accordingly, the remaining cash is insufficient to fund the capital expenditure for FY2026 and FY2027.\nWhile the manager continues to pursue assets divestment in funding the above capital expenditure, it says that the execution and the timing of the divestments have been unpredictable due to regulatory pricing threshold and prevailing market conditions. At the same time, the retention of 10% distribution income started back in FY2024 was also insufficient to finance the ongoing funding requirements.\nThe manager also pointed out that additional funding alternatives such as taking on more debt and equity fund raising has its respective limitation. With gearing at 44%, ACRO-HT has limited debt headroom to fund the capital expenditure and with weighted average cost of debt at 6.1% which exceeds its distribution yield, the manager foresees any further debt-funded capital expenditure would be dilutive to distributable income.\nOn equity fund raising, the manager explains that it will need to price it at a substantial discount to the prevailing market price and any potential rights issues would need to be underwritten by its sponsor. Furthermore, an increase in its Sponsor's unitholding could impact the US REIT status for ACRO-HT and hence leading to withholding tax and US corporate income tax.\nMeanwhile, the manager acknowledges that the suspension of distributions will adversely affect stapled securityholders in the near term. \"However, the impact of failing to complete the Capital Expenditures on a timely basis would lead to brand default notices, penalty fees and ultimately franchise termination, a severe detriment to asset value leading to more significant loss to ACRO-HT and the interests of stapled securityholders,\" the manager says.\nAs at 9.27am, units in ACRO-HT were down 2.5 US cents, or 10.9% lower at 20.5 US cents.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-2","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}