Friday June 28th, 2013 - 10:08AM
NEW YORK—Lightstone Value Plus Real Estate Investment Trust, Inc. (LVPR) and Lightstone Value Plus Real Estate Investment Trust II, Inc. (LVPR II) have acquired four Marriott and Starwood hotels in Arkansas for $29.1 million.
LVPR acquired the Marriott Fairfield Inn in Jonesboro and the Aloft Hotel in Rogers, a Starwood property, for $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 $10.7 million.
“We believe these are four well-located premium branded hotels in diverse markets. 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 in a statement. David Lichtenstein, chairman and CEO of The Lightstone Group. LVPR and LVPR II are non-traded REITs sponsored by The Lightstone Group.
The purchase is part of Lightstone’s aggressive growth strategy in the select service hotel market. The company is seeking to acquire another 50 select service hotels in the next 12 months, throughout the country, according to Lichtenstein.
The 130-room Aloft Hotel in Rogers is the only Starwood hotel in Arkansas and is located three miles north of the world headquarters of Wal-Mart and nine miles north of the University of Arkansas. The 83-room Marriott Fairfield Inn Jonesboro is the only Marriott property located within a 90-mile radius. The 92-room Marriott TownePlace Suites Little Rock is 1.4 miles from the site of the new St. Vincent’s Medical Center and attracts significant business from nearby FBI and Department of Defense offices. The 92-room Marriott TownePlace Suites Johnson/Springdale is situated approximately 20 miles south of Wal-Mart’s world headquarters.