{"id":1004074642,"date":"2013-05-22T06:25:02","date_gmt":"2013-05-22T14:25:02","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=129321"},"modified":"2025-02-19T03:42:36","modified_gmt":"2025-02-19T11:42:36","slug":"lightstone-buys-baton-rouge-hotels-for-15-6m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lightstone-buys-baton-rouge-hotels-for-15-6m\/","title":{"rendered":"Lightstone Buys Baton Rouge Hotels for $15.6M"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

Lightstone Value Plus Real Estate Investment Trust Inc. (LVPR) recently \"\"<\/a>acquired two Baton Rouge hospitality assets, paying $15.6 million for a Courtyard and Residence Inn\u2014both Marriott-branded hotels. LVPR, a public, non-traded REIT, had been in negotiations with the seller since 2012 and had locked in the acquisition price several months ago, avoiding the currently rising market prices.<\/p>\n

\u201cThe acquisition contains two well-located premium franchise hotels that were acquired at a substantial discount to replacement cost,\u201d declared LVPR Chairman and CEO David Lichtenstein.<\/p>\n

Aiming to profit from improving market recovery indicators, both assets will be repositioned through property improvements. Additionally, the hotels will also be placed under new management within Lightstone\u2019s hospitality division.<\/p>\n

Totaling 229 rooms, the franchise hotels are located in close vicinity to each other just off I-10, which connects the Capital City to New Orleans. Both assets are strategically located with regard to major business and employment opportunities of Baton Rouge, such as the Port of Baton Rouge\u2014the tenth largest in the U.S.; Louisiana State University; the recently-constructed Women\u2019s Hospital of Baton Rouge; the\u00a01-million-square foot Industriplex Business Park; and no less than 65 petrochemical facilities.<\/p>\n

The 121-key, three-story Courtyard by Marriott comprises 115 rooms and six suites. It features two meeting rooms for a total of 1,000 square feet of meeting space, Wi-Fi throughout the property, a fitness center, heated indoor pool, whirlpool, onsite Bistro signature dining venue, a Starbucks coffee house and onsite parking. The property\u2019s lobby underwent a $3.1 million renovation in 2010.<\/p>\n

The 108-key, three-floor Residence Inn by Marriott extended-stay hotel offers amenities such as a full-service business center, 400 square feet of meeting space, Wi-Fi throughout the property, a fitness center, outdoor pool, whirlpool, sport court, barbeque\/picnic area and onsite parking. Guest rooms boast fully equipped kitchens. Additionally, guest rooms, meeting rooms and the lobby are expected to undergo renovation work shortly.<\/p>\n

Click here<\/strong> <\/a>for further Baton Rouge market data.<\/em><\/p>\n

Image courtesy of Courtyard by Marriott Baton Rouge Siegen Lane\u2019s Google+ profile<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Lightstone Value Plus Real Estate Investment Trust, Inc. (LVPR) has recently acquired two Baton Rouge hospitality assets, paying $15.6 million for two Marriott-branded hotels: a Courtyard by Marriott hotel and a Residence Inn by Marriott property.<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004074642","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nLightstone Buys Baton Rouge Hotels for $15.6M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lightstone-buys-baton-rouge-hotels-for-15-6m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lightstone Buys Baton Rouge Hotels for $15.6M\" \/>\n<meta property=\"og:description\" content=\"Lightstone Value Plus Real Estate Investment Trust, Inc. 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