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Lightstone Value Plus REIT III Declares $10.00 NAV Per Share

Lightstone Value Plus Real Estate Investment Trust III, a publicly registered non-traded REIT, announced that its board of directors approved an estimated net asset value of $10.00 per share, as of December 31, 2015.

The estimated NAV was calculated with the assistance of Marshall & Stevens Incorporated, an independent third-party valuation firm.

The $10.00 valuation includes a $3.9 million purchase of subordinated participation interests by the special limited partner that took place in the first quarter of 2016. Prior to this purchase, the NAV was estimated at $9.02 per share.

As of December 31, 2015, the REIT owned two select services hotels that were valued at $32.9 million. The purchase price of the properties was approximately $28.1 million, including $1.2 million of capital and tenant improvements, which constitutes an estimated increase in value of 17.1 percent.

As reported by The DI Wire last month, the REIT purchased a 92-room Courtyard by Marriott hotel in Warwick, Rhode Island for $12.4 million and an 86-room Hampton Inn in Lansing, Michigan for $10.5 million.

Lightstone Value Plus REIT III, which commenced operations in July 2014, focuses on full-service or select-service hotels, including extended-stay hotels and to a lesser extent commercial and residential properties, principally in North America. As of March 2016, the company raised approximately $50.9 million in investor equity and currently owns a portfolio of four hospitality properties.

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