New York-based Lightstone Value Plus Real Estate Investment Trust III, Inc. (LVPR III) announced today that it has acquired its first property. The public, non-traded REIT purchased a Hampton Inn located at the Des Moines International Airport for $10.9 million.
The 120-key hotel is conveniently close to downtown Des Moines in addition to being one of the closest properties to the airport providing convenience to business travelers.
“This property is strategically located in a highly desirable area that is widely recognized for its significant presence in the insurance and financial services sectors,” commented David Lichtenstein, Chairman and CEO of Lightstone, the REIT’s sponsor.
Affiliates of the REIT own a Spring Hill Suites by Marriott and Fairfield Inn & Suites by Marriott, also in Des Moines.
“We’re excited to make our third acquisition in the Des Moines area, which represents our confidence in this region with its strong economy and low unemployment,” added Lichtenstein.
Lightstone plans to place the property under new management and oversee operations through its hospitality unit.
Founded in 1988, Lightstone’s portfolio consists of 24 hospitality properties in addition to 10,600 multifamily units, 6.8 million square feet of office, retail, and industrial assets, plus 12,000 residential lots throughout the U.S.