Proposed sale of Hyatt Place Memphis Primacy Parkway terminated, says Acrophyte Hospitality Trust

Felicia Tan03-16

The property would have been sold for US$7.75 million if the sale went through.The proposed sale of the 126-room Hyatt Place Memphis Primacy Parkway has been terminated by the purchaser, Shivam Patel,...

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The earnest money deposit of US$100,000 ($128,157.50) has been refunded.\nA conditional purchase and sale agreement (PSA) was entered into between the parties on Dec 17, 2025, where the property would have sold for US$7.75 million, below the independent valuation of US$8.5 million as at July 31, 2025. The managers of the REIT would have been entitled to a divestment fee of US$39,000 if the sale went through.\nAs at 11.23am, units in Acrophyte Hospitality Trust are trading 0.5 cents higher or 2.08% up at 24.5 cents.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.39.0","shortVersion":"4.39.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2620221574","isCrawlerRequest":true}