Mar 21 2016 | Article by: DI Wire
Lightstone Value Plus REIT III, a publicly registered non-traded real estate investment trust, purchased the Hampton Inn – Lansing in Michigan for $10.5 million, or $122,000 per room.
The 86-room select service hotel was built in 2013, and the company expects to invest $500,000 for renovations and improvements. An unrelated third party firm will oversee the management of the hotel, which will continue to operate as a “Hampton Inn & Suites” for a 15-year term.
The capitalization rate for the acquisition was approximately 12 percent, and company’s advisor received a 1 percent acquisition fee of $105,000.Go Back
The Blue Vault Summit could not have been more perfectly timed. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. These conversations are paramount, especially in a time of significant regulatory change.