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Lightstone Value Plus REIT III Buys Michigan Hotel for $10.5 Million

March 22, 2016

Mar 21 2016 | Article by: DI Wire

Lightstone Value Plus REIT III, a publicly registered non-traded real estate investment trust, purchased the Hampton Inn – Lansing in Michigan for $10.5 million, or $122,000 per room.

The 86-room select service hotel was built in 2013, and the company expects to invest $500,000 for renovations and improvements. An unrelated third party firm will oversee the management of the hotel, which will continue to operate as a “Hampton Inn & Suites” for a 15-year term.

The capitalization rate for the acquisition was approximately 12 percent, and company’s advisor received a 1 percent acquisition fee of $105,000.

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Thomas E. Burns, III
July 29, 2015
February 22, 2016

I subscribe to Blue Vault to keep up with the sponsors and their wholesalers! The analysis keeps me up to date with the various portfolios and the way they are managed, including the differences between them.