Singapore-listed Eagle Hospitality Trust is holding a stalking-horse auction in May for a portfolio of 15 US hotels with a floor price of $470 million. Madison Phoenix LLC, an affiliate of Monarch Alternative Capital LP will purchase the portfolio if a better offer is not received in the auction.
Stalking-horse auctions are a routine part of many Chapter 11 bankruptcies, but for investors that have been waiting for distressed assets to come to market, this news was extraordinary.
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