ARA US Hospitality Trust is listing its stapled securities in Singapore in a bid to raise USD $498 million. The trust owns and operates 38 hotel properties in the USA and priced each stapled unit at USD $0.88.

It has secured commitments for $116.5 million worth of the shares on offer from six cornerstone investors including Celine Tang, who is the managing director at property firm SingHaiyi Group, her husband, Singaporean businessman Tang Gordon, as well as DBS Bank Ltd, Credit Suisse AG, United Overseas Bank Ltd on behalf of their clients.

Trading is expected to start on May 9.