MIAMI-Lightstone Value Plus Real Estate Investment Trust has acquired two hotels in South Florida from Greenbelt, MD-based Baywood Hotels for a total of $31 million.
The Lightstone Value Plus REIT is sponsored by the Lightstone Group based in New York City. The REIT acquired the 127-room Hampton Inn Miami-Airport West in Doral and the 104-room Hampton Inn & Suites Fort Lauderdale-Airport in Hollywood, according to the Miami Herald.
Mitchell Hochberg, president of The Lightstone Group, said both hotels are in good shape and will require only minor cosmetic work. See story in the Miami Herald.
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