General Announcement::PROPOSED ACQUISITION OF ARA ASSET MANAGEMENT LIMITED BY ESR CAYMAN LIMITED

ARA US HOSPITALITY TRUST

A stapled group comprising:

ARA US HOSPITALITY PROPERTY TRUST	ARA US HOSPITALITY MANAGEMENT TRUST
(a real estate investment trust constituted on	(a business trust constituted on 29 October 2018
24 September 2018 under the laws of the	under the laws of the Republic of Singapore)
Republic of Singapore) managed by	managed by
ARA Trust Management (USH) Pte. Ltd.	ARA Business Trust Management (USH) Pte. Ltd.

ANNOUNCEMENT BY ARA ASSET MANAGEMENT LIMITED REGARDING THE

PROPOSED ACQUISITION OF ARA ASSET MANAGEMENT LIMITED BY

ESR CAYMAN LIMITED

ARA Trust Management (USH) Pte. Ltd., as manager of ARA US Hospitality Property Trust ("ARA H- REIT"), and ARA Business Trust Management (USH) Pte. Ltd, as trustee-manager of ARA US Hospitality Management Trust ("ARA H-BT") (collectively known as the "Managers"), wish to announce that it has been informed by ARA Asset Management Limited ("ARA"), the shareholder of the Managers, that ARA has entered into an acquisition agreement in relation to a business combination of the ARA Group with ESR Cayman Limited (the "Proposed Transaction").

Details of the Proposed Transaction can be found in (i) the announcement titled "Proposed Acquisition of ARA Asset Management Limited by ESR Cayman Limited" issued by ARA and (ii) the announcement titled "Major and Connected Transaction in relation to the Proposed Acquisition of ARA Asset Management Limited" issued by ESR Cayman Limited.

Stapled Securityholders and potential investors are reminded to exercise caution when dealing in the stapled securities of ARA US Hospitality Trust. Persons who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors or other professional advisors.

By ORDER OF THE BOARD

ARA TRUST MANAGEMENT (USH) PTE. LTD. (As manager of ARA US Hospitality Property Trust) (Company registration no. 201829676W)

ARA BUSINESS TRUST MANAGEMENT (USH) PTE. LTD. (As trustee-manager of ARA US Hospitality Management Trust) (Company registration no. 201829682G)

Lee Jin Yong

Chief Executive Officer

4 August 2021

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For enquiries, please contact:

Low Ru Yan

Investor Relations Manager

Tel: [phone]

Email:[e-mail]

About ARA US Hospitality Trust

Listed on the Singapore Exchange on 9 May 2019, ARA US Hospitality Trust is a hospitality stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). ARA US Hospitality Trust invests in income-producing real estate assets used primarily for hospitality purposes located in the United States. ARA US Hospitality Trust's portfolio currently comprises 41 select-service hotels with a total of 5,340 rooms across 22 states in the United States.

ARA US Hospitality Trust is managed by ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd., (collectively known as the "Managers"). The Managers are indirect wholly-owned subsidiaries of ARA Asset Management Limited.

For more information, please visit www.araushotels.com.

About the Sponsor

The Sponsor, ARA Real Estate Investors 23 Pte. Ltd., is an indirect wholly-owned subsidiary of ARA Asset Management Limited.

ARA Asset Management Limited (ARA or the Group) is the largest real assets manager in Asia Pacific with approximately US$92 billion1 in gross assets under management by the Group and its associates. ARA operates a global platform with a focus on APAC, managing public and private investment funds that invest across traditional and new economy real estate assets spanning office, retail, residential, logistics and data centres, as well as private real estate credit and infrastructure. ARA's vertically integrated business includes development and value-add asset management capabilities, an in-house capital raising team, and property management expertise in local markets where ARA invests and manages assets. With a resolute focus on creating sustainable value, ARA manages funds on behalf of many of the world's largest pension funds, sovereign wealth funds and financial institutions.

For more information, please visit www.ara-group.com.

1 Includes assets under management by ARA Asset Management Limited and the Group of companies

("ARA Group") and its Associates as at 30 June 2021

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IMPORTANT NOTICE

The value of the stapled securities in ARA US Hospitality Trust ("Stapled Securities")(where each Stapled Security comprises 1 unit in ARA H-REIT stapled to 1 unit in ARA H-BT), and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, the Managers, DBS Trustee Limited, in its capacity as trustee of ARA H-REIT, or any of their respective affiliates.

An investment in the Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Stapled Securityholders have no right to request that the Managers redeem or purchase their Stapled Securities while the Stapled Securities are listed. It is intended that Stapled Securityholders may only deal in their Stapled Securities through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.

This announcement may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of ARA US Hospitality Trust. The forecast financial performance of ARA US Hospitality Trust is not guaranteed. A potential investor is cautioned not to place undue reliance on these forward-looking statements, which are based on the Managers' current view of future events.

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