NEW YORK—New York-based Lightstone Value Plus Real Estate Investment Trust Inc. has acquired two hotels, Courtyard by Marriott and Residence Inn by Marriott, in Baton Rouge, La. for $15.6 million. Together, the hotels include 229 keys.
“The acquisition contains two well-located premium franchise hotels that were acquired at a substantial discount to replacement cost,” said David Lichtenstein, chairman and CEO of LVPR. “Both hotels have a diversified base of business and leisure travelers and are representative of The Lightstone Group’s ability to identify attractive investment opportunities.”
The first property, the 121-room Courtyard by Marriott, underwent a $3.1 million renovation in 2010, which included upgrades to the guestrooms and corridors, as well as the lobby conversion to Marriott’s new Refreshing Business Concept.
A full renovation is planned for the second property, the 108-room Residence Inn by Marriott. Planned upgrades include updated guestrooms, meeting rooms and lobby area, as well as new signage.
Lightstone will implement a property improvement plan for both properties, geared to position each to capitalize on the improving market recovery. The properties will be placed under new management, which will be overseen by Lightstone’s hospitality division.