Ann: Sale of Asakusa Vista Hotel, Tokyo , page-2

Sale at a 19% discount isn't good, the last sale was at a 5.2% discount. Starting to look very desperate if they are taking haircuts like this.

I no longer hold as due to the high level of uncertainty that they will be able to continue to operate as a going concern. UBS know it too IMO and that's why they are asking for the loan doc info.

UBS as a lower ranking creditor probably want the loan doc info so they can assess whether they can assist in a capital restructure and protect their claim, but the secured creditor probably have a strong hand hence no disclosure being made by GJT. Hard to find a weaker REIT than this one it will be the last on the list to get recapitalised.

In my opinion they should have sold everything a couple of years ago at a fire sale and returned some equity, but then the 6 figure salaries wouldn't have continued for a few more years.