NEW YORK— Lightstone Value Plus Real Estate Investment Trust Inc. (LVPR) announced that it has acquired three Marriott-branded hotels in Iowa and Ohio for an aggregate purchase price of $21 million.
The purchased assets are 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.
“This acquisition is representative of The Lightstone Group’s ability to identify attractive investment opportunities and execute on complex transactions,” said David Lichtenstein, chairman and CEO of LVPR. “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. We believe they are well positioned to capitalize on the improving market recovery.”
The recent renovation of the 97-suite SpringHill Suites included improvements to the lobby, upgraded bedding and furniture packages, and the installation of new flat panel televisions. The 102-room Fairfield Inn & Suites will undergo a planned $2 million renovation in the near future. And the 90-room Courtyard by Marriott completed a $1.5 million renovation that included a full upgrade of guestrooms and corridors and the conversion of the lobby to the new “Courtyard Bistro” concept.