The special committee taking charge of the restructuring and the strategic review of Eagle Hospitality Trust (SGX:LIW) (EHT) business has had to abandon expressions of interest from "credible and reputable asset management companies and/or institutional investors" because of a letter of intent that EHT's sponsor Urban Commons (UC) had signed with Far East Consortium International Limited (SEHK:35) providing for a 90-day exclusivity period that expires on July 14, 2020. According to an EHT statement released, FECIL has since inked a non-binding conditional proposal with Urban Commons that could see FECIL acquiring a controlling stake of 70% in each of EHT's real estate investment trust (Reit) manager and its trustee-manager. The special committee and Reit Trustee have thus instructed Moelis to engage with FECIL and the sponsor directors to ensure that any potential deal would not be prejudicial to, and would serve the best interests of the Reit and its stapled security holders.

The completion of the potential transaction is conditional on approval from the Monetary Authority of Singapore (MAS) for the change of control of the Reit manager. For this, FECIL has submitted its application to the MAS.