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Acrophyte Hospitality to Divest Two Hyatt Place Hotels in Atlanta for $17 Million

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Acrophyte Hospitality Trust (SGX:XZL) will divest the Hyatt Place Atlanta Alpharetta Windward Parkway and Hyatt Place Atlanta Norcross Peachtree Corners by selling them to Viator Hotels for $17.3 million, according to a Friday filing with the Singapore Exchange.

The trust's managers said the hotels were identified as non-core, underperforming assets.

Net proceeds from the sale will be used to fund ongoing portfolio renovations and for general working capital purposes.

The divestments are expected to be completed in the fourth quarter, the filing said.

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