Lightstone Value Plus Real Estate Investment Trust II (LVPR II), a non-traded REIT focused on hotels and hospitality, recently acquired the Hampton Inn & Suites in Ft. Myers, Florida for a purchase price of $9.425 million.
“This acquisition is representative of Lightstone’s ability to identify and acquire a premium property at a discount to replacement cost,” commented David Lichtenstein, Chairman and CEO of Lightstone. “This attractive property went through a major renovation in 2013 and is located in a highly desirable corridor, close to tourist attractions, a large medical center and universities,” he added.
The 120 room hotel is the nearest one to Ft. Myers beach and is located near HealthPark Medical Center, a top hospital for cardiology and intensive care. The Hampton Inn & Suites is also the closest Hilton-branded property to Sanibel and Captiva Islands.
The hotel will be placed under new management that will be overseen by the hospitality division of Lightstone.
Sponsored by Lightstone Group, LVPR II was formed in 2008. The REIT closed its initial public offering in August 2012 after raising aggregate gross proceeds of approximately $49.8 million.