Lightstone Value Plus Real Estate Investment Trust II, Inc. and Lightstone Value Plus Real Estate Investment Trust III, Inc. acquired Hilton Garden Inn in Long Island City from Ranger Properties, LLC, Sagamore Capital, LLC and others for $60 million.
March 28, 2018
Share
Lightstone Value Plus Real Estate Investment Trust II, Inc. and Lightstone Value Plus Real Estate Investment Trust III, Inc. acquired Hilton Garden Inn in Long Island City from Ranger Properties, LLC, Sagamore Capital, LLC and others for $60 million on March 27, 2018. The consideration consisted of $25 million of cash and $35 million of proceeds from a loan from Western Alliance Bank, excluding closing and other related transaction costs. The Lightstone Value Plus Real Estate Investment Trust II and Lightstone Value Plus Real Estate Investment Trust III each have 50% stake.
Lightstone Value Plus Real Estate Investment Trust II, Inc. and Lightstone Value Plus Real Estate Investment Trust III, Inc. completed the acquisition of Hilton Garden Inn in Long Island City from Ranger Properties, LLC, Sagamore Capital, LLC and others on March 27, 2018.
Lightstone Value Plus REIT II, Inc. is a real estate investment trust (REIT). The Company is structured as an umbrella partnership REIT (UPREIT). The Company owns and operates commercial properties and makes real estate-related investments. The Company has primarily acquired and operated commercial hospitality properties, principally consisting of limited service hotels all located in the United States. Its commercial holdings may also consist of full-service hotels, and to a lesser extent, retail (primarily multi-tenanted shopping centers), industrial and office properties. It owns and operates approximately 10 limited service hotels containing a total of 1,352 rooms. Five of its consolidated limited service hotels are held through LVP Holdco JV LLC (the Hotel Joint Venture). The Company's advisor is Lightstone Value Plus REIT II LLC.
Lightstone Value Plus Real Estate Investment Trust II, Inc. and Lightstone Value Plus Real Estate Investment Trust III, Inc. acquired Hilton Garden Inn in Long Island City from Ranger Properties, LLC, Sagamore Capital, LLC and others for $60 million.
LIGHTSTONE VALUE PLUS REIT II, INC. 