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Lightstone Value Plus REIT III Buys Rhode Island Hotel for $12.4 Million

April 1, 2016

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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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.