Vista Acquisitions, LLC acquired Hampton Inn & Suites - Miami from Lightstone Value Plus REIT II, Inc..
July 25, 2023
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Vista Acquisitions, LLC agreed to acquire Hampton Inn & Suites - Miami from Lightstone Value Plus REIT II, Inc. (OTCPK:LVPR) on May 8, 2023. In a related transaction, Vista Acquisitions also acquired Hampton Inn & Suites ? Fort Lauderdale from Lightstone Value Plus REIT II on July 17, 2023. The aggregate contractual sales price of both deals is $28 million. In connection with the transactions, the Sellers used proceeds of $16.7 million to make a principal paydown on its revolving credit facility reducing its outstanding balance to $101.5 million. The net proceeds from the disposition of the Florida Hotel Portfolio were $10.3 million, after the aforementioned principal paydown, closing costs, pro rations and other working capital adjustments. The Florida Hotel Portfolio are classified as held for sale.
Vista Acquisitions, LLC completed the acquisition of Hampton Inn & Suites - Miami from Lightstone Value Plus REIT II, Inc. (OTCPK:LVPR) on July 21, 2023.
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.