Lightstone Reit Acquires Two TX Baymonts
OCTOBER 29, 2007. The Lightstone Value Plus REIT, the industry's first "no front-end load" real estate investment trust, today announced that it has acquired two Baymont Inn & Suites that it plans to immediately convert to Extended Stay Deluxe hotels and renovate over the next year. Located in Houston and Sugar Land, Texas, these hotels represent the initial entry into the hotel market for the Lightstone Value Plus REIT. The two hotels will be managed by an affiliate of The Lightstone Group.
"We consistently seek new nationwide real estate investment opportunities to diversify assets within the REIT and these two acquisitions were ideal for us to enter the hotel sector," said David Lichtenstein, chairman and CEO of the Lightstone Value Plus REIT. "Both properties are in excellent locations and were remodeled last December, which will allow for a very efficient conversion to Extended Stay Deluxe hotels. In addition, both hotels have a variety of business drivers, particularly several companies with large operations or offices nearby, that project to boost occupancy for the foreseeable future."
The two acquired hotels include the 145-room property at 15385 Katy Freeway (IH-10) in Houston, and the 145-room hotel at 13420 Southwest Freeway (Highway 59) in Sugar Land. Both properties feature interior corridors, over 100 parking spaces, and a small conference/boardroom. Following their conversion to Extended Stay Deluxe, both hotels will include a premium coffee bar; complimentary wireless Internet; remote network printing; complimentary bath essentials; movies, music and premium television; a fitness center; and numerous additional amenities.
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