The Lightstone Value Plus Real Estate Investment Trust (LVPR) on Thursday announced that it has acquired three Marriott-branded hotels in Iowa and Ohio for US$21 million.
The sale involves the SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott, both in West Des Moines, Iowa, and the Courtyard by Marriott, in Willoughby, Ohio. The three hotels have a total of 289 keys.
The SpringHill Suites by Marriott and Courtyard by Marriott have been renovated in the past six months, and the Fairfield Inn & Suites by Marriott is scheduled for a complete renovation.
“The hotels were acquired at a significant discount to replacement cost providing them with a strong competitive advantage in their markets and downside protection to LVPR,” said David Lichtenstein, chairman and CEO of LVPR. “They are well positioned to capitalize on the improving market recovery.”
LVPR is a non-traded REIT sponsored by The Lightstone Group, which is also headed by Lichtenstein. The properties will be managed by Paramount Hotel Group, based in New Jersey.