Lightstone Value Plus REIT II Acquires the Hampton Inn & Suites in Ft. Myers, Florida; Pays $9.425 Mil
NEW YORK, November 6, 2014 - Lightstone Value Plus Real Estate Investment Trust II (LVPR II) announced today the acquisition of the Hampton Inn & Suites in Ft. Myers, Florida.
The purchase price for the 120 key property was $9.425 million.
The Hampton Inn & Suites is the nearest hotel to Ft. Myers beach and is the closest Hilton-branded property to Sanibel and Captiva Islands. The hotel is also located near the HealthPark Medical Center, named one of the "100 Top Hospitals" for cardiology and intensive care in the country.
"This acquisition is representative of Lightstone's ability to identify and acquire a premium property at a discount to replacement cost," said David Lichtenstein, Chairman and CEO of Lightstone. "This attractive property went through a major renovation in 2013 and is located in a highly desirable corridor, close to tourist attractions, a large medical center and universities." The property will be placed under new management, which will be overseen by Lightstone's hospitality division.
Forward-Looking Statements
All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions or variations thereof. These statements are based on LVPR II's current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on any forward looking statements,
About LVPR II
LVPR II is a public, non-traded REIT sponsored by The Lightstone Group that offers shareholders an opportunity to invest in a diversified portfolio of real estate. LVPR II is currently closed to new investors.
About The Lightstone Group
The Lightstone Group, founded in 1988, is a privately held real estate company with one of the most diversified real estate portfolios in the United States. Today, Lightstone's portfolio consists of more than 10,600 multifamily units, 6.8 million square feet of office, hotel, retail and industrial assets, and 12,000 residential lots throughout the United States. Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last 10 years. The company has owned, managed and developed 25 outlet centers totaling more than 8 million square feet. Lightstone is one of the most active residential developers in New York City with more than $1 billion of residential and hospitality projects under development.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
