Mar 31 2016 | by DI Wire
Lightstone Value Plus Real Estate Investment Trust III, Inc., a publicly registered non-traded real estate investment trust, purchased a 92-room Courtyard by Marriott hotel in Warwick, Rhode Island for $12.4 million.
The Courtyard – Warwick was built in 2003 and had substantial public area and guest room renovations completed in 2011 and 2014, respectively. The company expects to invest an additional $300,000 to complete certain renovations and improvements.
The capitalization rate for the acquisition was approximately 8.3 percent, and the company’s advisor received an acquisition fee of 1 percent of the purchase price, or $124,000.
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