Ascendas Hospitality Trust ditches sale plans

It is no longer looking to exit the market.

Six months after it turned down several third-party offers to buy out the property trust, Ascendas Hospitality Trust announced that it is already dropping its sale plans.

Citing a recent report, DBS Group Research said the recently named Chairperson of the trust, Miguel Ko said after careful examination of the offers, the board had decided that it was in unitholders' best interests for the management to continue to grow the trust instead of selling it.

"This is because its assets still has some runway to grow," DBS said.

More so, the trust's chairperson was quoted saying in reports that the trust's assets had untapped opportunities for either expansion or renovations to improve their performance.