Blackstone, Gaw Capital make initial bids for Ascendas Hospitality: sources

February 26, 2016 6:16 AM

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Blackstone, Gaw Capital make initial bids for Ascendas Hospitality: sources

SINGAPORE Blackstone Group LP (BX.N) and Hong Kong-based Gaw Capital Partners are among three suitors that submitted preliminary bids to buy Singapore's Ascendas Hospitality Trust (ASHP.SI), people familiar with the matter said.

U.S.-based Westmont Hospitality Group and U.S. investment firm Varde Partners have also placed a joint bid to acquire Ascendas, which has a market value of about $610 million, said the sources, who declined to be identified as the talks remained confidential.

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