Lightstone Buys Rhode Island Hotel for $12.4 Million
Lightstone Value Plus Real Estate Investment Trust III, Inc., a publicly registered non-traded REIT, purchased the Courtyard Providence Warwick by Marriott in Warwick, Rhode Island, for $12.4 million.
The Courtyard Providence Warwick is a 92-room select-service hotel located near the Rhode Island Convention Center and T.F. Green Airport, a reliever airport for Boston’s Logan Airport. The property will be managed by Waterford Hotel Group overseen by Lightstone’s hospitality division. The REIT also obtained a 15-year franchise agreement from Marriott commencing upon acquisition.
Lightstone Value Plus REIT III, which started 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. The company currently owns four hotel properties and has raised $56 million since inception.
