Lightstone Value Plus REIT III Buys Rhode Island Hotel for $12.4 Million

April 1, 2016

Mar 31 2016 | by DI Wire

Lightstone Value Plus Real Estate Investment Trust III, Inc., a publicly registered non-traded real estate investment trust, purchased a 92-room Courtyard by Marriott hotel in Warwick, Rhode Island for $12.4 million.

The Courtyard – Warwick was built in 2003 and had substantial public area and guest room renovations completed in 2011 and 2014, respectively. The company expects to invest an additional $300,000 to complete certain renovations and improvements.

The capitalization rate for the acquisition was approximately 8.3 percent, and the company’s advisor received an acquisition fee of 1 percent of the purchase price, or $124,000.

Article Located Here

Go Back
Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.