4/16/2014

Singapore-based Hotel Properties has received a buyout offer from its founder and managing director, Ong Beng Seng, and Wheelock Properties, a unit of Wheelock & Co. Ong and Wheelock Properties have increased their stake in Hotel Properties to 41.9% by acquiring about 214 million shares of the company for $2.80 each through their consortium 68 Holdings, and plan to buy the remaining shares for the same price. The deal puts Hotel Properties' value at $1.4 billion.

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