WEST DES MOINES, IA—Lightstone Value Plus Real Estate Investment Trust Inc., sponsored by the Lightstone Group, has acquired three Marriott hotels here and in Willoughby, Ohio for $21 million.
The hotels here include a SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott. The Ohio hotel is a Courtyard by Marriott. The three properties total 289 rooms.
David Lichtenstein, chairman and CEO of Lightstone, said the SpringHill and Courtyard have been renovated in the past six months and the Fairfield is scheduled for capital improvements. “These are three well-located premium franchise hotels that are primed for growth,” he said in a statement. “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. They are well positioned to capitalize on the improving market recovery.”
The 97-suite SpringHill Suites is next to Interstate 80 and two miles east of Interstate 35 in West Des Moines. Renovations of $1.3 million were recently completed and included improvements to the lobby. The nearby 102-room Fairfield Inn is set to receive a $2 million renovation. The 90-room Courtyard by Marriott in Willoughby is adjacent to Interstate 90 about 16 miles east of downtown Cleveland. The hotel recently 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. The properties will be managed by Paramount Hotel Group (PHG), based in New Jersey.