SPRINGFIELD, MO-A joint venture of New York investor Jonathan Eilian and the Government of Singapore’s investment arm GIC Real Estate Inc. have reached a formal agreement to acquire locally headquartered John Q. Hammons Hotels Inc. for $24 per class A common share, or $132.96 million. The hotel operator owns 11,370 guest rooms in 46 hotels in 20 states and manages an additional 3,158 guest rooms in 14 hotels in seven states. The company’s closing stock price on Tuesday was $23.25.The Eilian-GIC joint venture, JQH Acquisition LLC, owns a 21.9% stake in the hotel operator. Chief executive John Q. Hammons, owner of an 11.5% stake in the company, has agreed to vote his shares in favor of the merger and per the agreement, would retain an equity stake in the company and maintain an active leadership role in the company managing the properties. The company’s announcement adds that the company reserves the right to also seek the approval of the merger by the holders of a majority of the class A common stock not held by chief executive Hammons and his affiliates. If the merger is completed, the registration of the company’s Class A common stock would terminate, according to the agreement. In morning trading Wednesday, shares of John Q Hammons are up $0.50 per share to $23.75, a new 52-week high.John Q. Hammons Hotels and the Eilian-GIC joint venture have been in talks since the end of January, when the hotel operator’s agreement to negotiate exclusively with Barcelo Crestline Corp. ran out. In October, Barcelo Crestline offered to purchase the company for $13 per share. At the time, the company’s share price was around $11. In late December, Barcelo Crestline had increased their offer to acquire the company’s class A shares to $21 per share.

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