---
title: "Nearly $200 million in debt due in September raises doubts about the going concern of Acrophyte Hotel Trust | Lianhe Zaobao"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282563648.md"
description: "Acrophyte Hotel Trust faces a debt of USD 198.5 million maturing in September, and independent auditor Ernst & Young has expressed doubts about its ability to continue as a going concern. Although the management company has received a non-binding letter of intent from the lending bank, formal negotiations and due diligence are expected to take place as the maturity date approaches, presenting significant uncertainty. The management company remains confident in its ability to secure refinancing and comply with loan covenants"
datetime: "2026-04-13T15:02:24.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282563648.md)
  - [en](https://longbridge.com/en/news/282563648.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282563648.md)
---

# Nearly $200 million in debt due in September raises doubts about the going concern of Acrophyte Hotel Trust | Lianhe Zaobao

Controlled by wealthy businessman Tang Yigang and his wife, Acrophyte Hospitality Trust, listed on the main board of the Singapore Exchange, has a debt of USD 198.5 million (approximately SGD 253 million) maturing this September, and the timing and terms of refinancing remain uncertain. Independent auditor Ernst & Young (EY) has therefore raised questions about the trust's ability to continue as a going concern.

According to a statement released by the management company of Acrophyte Hospitality Trust after the market closed on Monday (April 13), Ernst & Young believes that although the management company has obtained a non-binding letter of intent from the lending bank regarding the refinancing of the loan, formal negotiations and due diligence are expected to take place closer to the maturity date, leaving significant uncertainty.

The management company emphasized that the lending bank has consistently supported the trust in past refinancing processes, and they remain confident in their ability to secure the necessary refinancing by the loan's maturity and continue to comply with loan covenants.

As of the end of 2025, Acrophyte Hospitality Trust reported a net current liability of USD 166.172 million; the stapled group, including the trust and commercial trust sectors, reported a net current liability of USD 181.272 million.

#### Further Reading

Monetary Authority of Singapore approves Tang Yigang's Acrophyte to acquire New Trust Management Company Wealthy businessman Tang Yigang acquires full equity in ESR at New Trust Management Company

They also pointed out that the audit opinion remains unqualified, and the financial report for the fiscal year 2025 is also prepared based on the assumption that the trust will continue to operate.

It is worth mentioning that Acrophyte Hospitality Trust initiated a strategic review in May 2025 and revealed last June that it was considering reducing or suspending dividends, mainly due to relatively slow growth in operating income while capital expenditures remain high, which could further lead to cash flow tightness The trust announced in December 2025 that it plans to sell the hotel project "Hyatt Place Memphis Primacy Parkway" in the United States for $7.75 million, releasing redeployable capital and reducing the average leverage of the portfolio.

Acrophyte Hotel Trust's stock price closed at $0.255 on Monday, unchanged

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