ASCENDAS Hospitality Trust has reduced the size of its planned initial public offering (IPO) in Singapore.

According to a Reuters report, Ascendas delisted the Pullman Ambassador Changwon Hotel in South Korea from its initial portfolio, slashing the IPO size from US$350 million to US$304 million – a 13 per cent drop.

Ascendas Hospitality Trust’s portfolio now comprises 10 hotels with 3,482 rooms. Seven of the properties are in Australia, constituting 67 per cent of the trust’s value; one hotel in Japan contributes another 24 per cent; while two hotels in China make up the remaining nine per cent.

Based on its preliminary prospectus, Ascendas Hospitality Trust has managed to secure three cornerstone investors for its IPO, including hospitality chain Accor Asia Pacific, Splendid Asia Macro Fund and Lianhe Investments.

The IPO was due to launch today and close on July 24, with its debut on the Singapore stock exchange scheduled for July 27.