Lightstone Value Plus Real Estate Investment Trust III, Inc. acquired Fairfield Inn & Suites by Marriott, Austin from Excel Austin North, LLC for $12 million.
September 19, 2016
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Lightstone Value Plus Real Estate Investment Trust III, Inc. entered into a purchase and sale agreement to acquire Fairfield Inn & Suites by Marriott, Austin from Excel Austin North, LLC for $12 million on April 21, 2016. The consideration is excluding closing and other acquisition related costs. The acquisition was funded with offering proceeds from Lightstone Value Plus Real Estate Investment Trust III's ongoing initial public offering and available cash. Lightstone Value Plus Real Estate Investment Trust III's advisor received an acquisition fee equal to 1% of the purchase price, or $0.12 million.
Lightstone Value Plus Real Estate Investment Trust III, Inc. completed the acquisition of Fairfield Inn & Suites by Marriott, Austin from Excel Austin North, LLC on September 13, 2016.
Lightstone Value Plus REIT III, Inc. is a real estate investment trust (REIT). The Company conducts its business through Lightstone Value Plus REIT III LP, a Delaware limited partnership (the Operating Partnership). Through the Operating Partnership, the Company owns, operates, and develops commercial properties and makes real estate-related investments. It has primarily acquired, developed, and operated commercial hospitality properties, principally consisting of limited-service hotels and one full-service hotel, all located in the U.S. Its primary objective is to achieve capital appreciation with a secondary objective of income without subjecting the principal to undue risk. The Company may invest up to 20% of its net assets in collateralized debt obligations, commercial mortgage-backed securities (CMBS) and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly. Its advisor is Lightstone Value Plus REIT III LLC.
Lightstone Value Plus Real Estate Investment Trust III, Inc. acquired Fairfield Inn & Suites by Marriott, Austin from Excel Austin North, LLC for $12 million.
LIGHTSTONE VALUE PLUS REIT III, INC. 
