Lightstone Value Plus Real Estate Investment Trust (LVPR) and Lightstone Value Plus Real Estate Investment Trust II (LVPR II) have acquired four Marriott and Starwood hotels in Arkansas for US$29.1 million.
LVPR and LVPR II are non-traded REITs sponsored by The Lightstone Group, Lakewood, New Jersey.
LVPR acquired the Marriott Fairfield Inn in Jonesboro and the Aloft Hotel in Rogers, a Starwood property, for US$18.4 million. They have a combined 213 keys. LVPR II purchased two Marriott TownePlace Suites in Little Rock and Johnson, which have a combined 184 keys, for US$10.7 million.
The properties will be placed under new management, which will be overseen by Lightstone’s hospitality division.
“All four properties were built in 2008 and 2009, and will only require minimal property improvements to increase property performance, as they are in excellent condition,” said David Lichtenstein, Lightstone’s chairman and CEO. “The hotels were acquired at a discount to replacement cost, which we believe provides them with a strong competitive advantage in their markets and downside protection to LVPR and LVPR II. We think they are well-positioned to capitalize on the improving market recovery.”