CEBU, Philippines -- Singapore-listed real estate investors Ascott Resident Trust (Ascott Reit) and Ascendas Hospitality Trusts (A-HTRUST) have announced a merger proposal to potentially create Asia Pacific's largest hospitality trust with an asset value of S$7.6 billion ($5.6 billion). The proposed combined entity, which will be the eighth largest in the world, will also become the seventh largest trust listed on the Singapore Exchange by asset value, according to a joint statement. Ascott REIT is managed by Ascott Residence Trust Management Ltd (ARTML), an indirect wholly-owned subsidiary of CapitaLand Limited, one of Asia's largest real estate companies.