Lightstone Value Plus Real Estate Investment Trust II Inc., a publicly registered non-traded real estate investment trust, sold a portfolio of seven hotels to subsidiaries of Phoenix American Hospitality LLC for $101 million.
The hotel portfolio consists of two TownePlace Suites by Marriott properties located in Harahan, Louisiana and Springdale, Arkansas; an Aloft hotel located in Rogers, Arkansas; a Fairfield Inn & Suites by Marriott located in Jonesboro, Arkansas; a Courtyard by Marriott located in Baton Rouge, Louisiana; a Residence Inn by Marriott located in Baton Rouge, Louisiana; and a Hampton Inn & Suites located in Fort Myers Beach, Florida.
The Lightstone REIT received approximately $65.2 million in net proceeds from the disposition, after repaying mortgage debt, closing costs, etc.
Lightstone Value Plus REIT II is sponsored by The Lightstone Group and was declared effective by the SEC in April 2009. The offering closed in September 2014 after raising $180 million in investor equity, and the company currently oversees a portfolio of 14 hotel properties.