04:06 AM EDT, 03/17/2022 (MT Newswires) -- ARA US Hospitality Trust (SGX:XZL) is selling Hyatt Place Chicago Itasca, a six-story hotel with 126 rooms, located on a freehold land in Itasca, a suburb of Chicago.
The trust, via its indirect unit ARA USH Chicago, agreed to sell the hotel to IHP Hospitality for $7.8 million, according to a Thursday release bourse disclosure.
ARA US Hospitality Trust said the sale will free up capital, which can be used to acquire accretive and higher
The deal is expected to close within 60 days of the signing of the agreement.
Shares of the hospitality stapled group were up 2% in recent trade.