INVESTORS may have mixed feelings about the recently announced sale of ARA US Hospitality Trust (ARA H-Trust) and Cromwell European Real Estate Investment Trust (Cromwell E-Reit) by their respective sponsor groups.
On the one hand, the change in control of these property trusts could mark the beginning of a new phase of their growth and development.
On the other hand, it seems unfair that the former sponsors have been able to cash out after a protracted period of underperformance by selling the external managers of these trusts.
