Lightstone Value Plus Real Estate Investment Trust III, Inc. completed the acquisition of StayBridge Suites Austin property from Excel Hotel Group, Inc. for $10 million.
October 10, 2016
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The Lightstone Group LLC agreed to acquire StayBridge Suites Austin property from Excel Hotel Group, Inc. on April 21, 2016. On October 7, 2016, Lightstone Value Plus Real Estate Investment Trust III, Inc. entered into an assignment and assumption of purchase and sale agreement with The Lightstone Group LLC. Under the terms of the assignment agreement, Lightstone Value Plus was assigned the rights and assumed the obligations of Lightstone Group with respect to the acquisition of StayBridge Suites Austin. The consideration has been funded with $10 million of proceeds from a promissory note of approximately $28.4 million. Hunter Hotel Advisors, Inc. acted as financial advisor for Excel. In connection with the acquisition, Lightstone Value's advisor received an acquisition fee of 1% of the purchase price or $0.1 million.
Lightstone Value Plus Real Estate Investment Trust III, Inc. completed the acquisition of StayBridge Suites Austin property from Excel Hotel Group, Inc. for $10 million on October 7, 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. completed the acquisition of StayBridge Suites Austin property from Excel Hotel Group, Inc. for $10 million.
LIGHTSTONE VALUE PLUS REIT III, INC. 
