Acrophyte Hospitality Trust is announcing that it is in need of about US$100 million for asset enhancement initiatives for 25 of its 33 hotel properties. The managers are initiating a strategic review and considering different options:

(i) a temporary suspension or reduction of distributions; (ii) options for equity fund raising; and/or (iii) a recalibration of the portfolio such as brand repositioning

The Managers are also in discussion with the Sponsor on the options for a transaction relating to the Stapled Securities