NEW YORK, March 6, 2015 /PRNewswire/ -- Today, Lightstone Value Plus Real Estate Investment Trust III, Inc. ("LVPR III") announced it has acquired the 120-key Hampton Inn at Des Moines International Airport for $10.9 million. This marks the first acquisition for the public, non-traded REIT. The purchase further increases Lightstone's footprint in Des Moines, adding to its 2013 purchase of SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott.
The Hampton Inn is one of the closest properties to the Des Moines International Airport and is in close proximity to downtown Des Moines.
"We're excited to make our third acquisition in the Des Moines area, which represents our confidence in this region with its strong economy and low unemployment", said David Lichtenstein, Chairman and CEO of Lightstone. "This property is strategically located in a highly desirable area that is widely recognized for its significant presence in the insurance and financial services sectors." The property will be placed under new management, which will be overseen by Lightstone's hospitality division.
About LVPR III
LVPR III is a public, non-traded REIT sponsored by Lightstone that offers shareholders an opportunity to invest in a diversified portfolio of real estate.
For more information, visit www.lightstonecapitalmarkets.com.
Lightstone, founded in 1988, is a privately held real estate company with one of the most diversified real estate portfolios in the United States. Today, Lightstone's portfolio consists of more than 10,600 multifamily units, 6.8 million square feet of office, retail and industrial assets, and 12,000 residential lots throughout the United States. Our hospitality portfolio consists of 24 properties. Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last 10 years. The company has owned, managed and developed 25 outlet centers totaling more than 8 million square feet. Lightstone is one of the most active developers in New York City with more than $1.5 billion of residential and hospitality projects under development.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions or variations thereof. These statements are based on LVPR III's current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on any forward looking statements.