NEW JERSEY—Lightstone Value Plus Real Estate Investment Trust Inc. (LVPR), based in New York City, has completed the foreclosure of the note securing Courtyard by Marriott, a 151-room hotel, located in Parsippany, N.J.
LVPR previously acquired the note for approximately $9.3 million, approximately 47 percent of the $20 million foreclosure judgment.
Constructed in 2001, the Courtyard by Marriott in Parsippany was recently renovated. The property, located at 3769 Route 46 East, will continue to be managed by Marriott International Inc.
LVPR is a non-traded REIT-sponsored by The Lightstone Group. Founded in 1988, The Lightstone Group has a diversified portfolio of industrial, office, retail and residential real estate assets.