NEW YORK—Lightstone Value Plus Real Estate Investment Trust III, Inc. (LVPR III) has closed on a $28.4 million round of CMBS financing secured by two hotels under the Home2 Suites flag. Citibank arranged the funding.
The two acquisitions, originally announced in August, represented the sixth and seventh hotel properties to join LVPR III’s national portfolio of strategic real estate investments. Lightstone entered into a long-term franchise agreement with Hilton for both properties commencing upon acquisition. The properties are managed by Island Hospitality and overseen by Lightstone’s hospitality division.
Home2Suites Seattle Airport opened in July 2015 and has 139 suite-style guestrooms. Home2Suites Salt Lake City/South Jordan has 125 suite-style guestrooms and opened in December 2013.
“We believe our ability to work closely with Citibank to successfully close this round of financing signifies the strength of LVPR III’s investment and the growth potential of these two properties,” said Lightstone President Mitchell Hochberg. “As we work to help these hotels reach their earnings potential, we continue to identify and pursue opportunities to expand our investment portfolio across the nation.”