Lightstone Value Plus REIT II Acquires Hilton-branded South Florida Hotel
LVPR II pays $9.425 million for Hampton Inn Hotel & Suites, Located in Ft. Myers, FL
NEW YORK, Nov. 5, 2014 /PRNewswire/ -- Lightstone Value Plus Real Estate Investment Trust II (LVPR II) announced today the acquisition of the Hampton Inn & Suites in Ft. Myers, Florida.
The purchase price for the 120 key property was $9.425 million.
The Hampton Inn & Suites is the nearest hotel to Ft. Myers beach and is the closest Hilton-branded property to Sanibel and Captiva Islands. The hotel is also located near the HealthPark Medical Center, named one of the "100 Top Hospitals" for cardiology and intensive care in the country.
"This acquisition is representative of Lightstone's ability to identify and acquire a premium property at a discount to replacement cost," said David Lichtenstein, Chairman and CEO of Lightstone. "This attractive property went through a major renovation in 2013 and is located in a highly desirable corridor, close to tourist attractions, a large medical center and universities." The property will be placed under new management, which will be overseen by Lightstone's hospitality division.
About LVPR II
LVPR II is a public, non-traded REIT sponsored by The Lightstone Group that offers shareholders an opportunity to invest in a diversified portfolio of real estate. LVPR II is currently closed to new investors.
About The Lightstone Group
The Lightstone Group, 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, hotel, retail and industrial assets, and 12,000 residential lots throughout the United States. 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 residential developers in New York City with more than $1 billion of residential and hospitality projects under development.
Forward-Looking Statements
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 II'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
For more information, visit www.lightstonecapitalmarkets.com.
SOURCE The Lightstone Group
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