Lightstone Value Plus II acquires SpringHill Suites in Massachusetts
Lightstone Value Plus Real Estate Investment Trust II has completed the acquisition of the SpringHill Suites, a 164-suite hotel located in Peabody, Massachusetts, for approximately USD9.25m before adjustments.
The property was originally constructed at a total cost of approximately USD17m.
Lightstone Value Plus II intends to invest approximately USD2.3m for certain improvements to the SpringHill Suites Peabody hotel in accordance with a property improvement plan.
The acquisition was funded with cash and proceeds from a USD5.2m mortgage obtained by Lightstone Value Plus II from the Bank of the Ozarks.
"We are pleased to announce the acquisition of the SpringHill Suites Peabody hotel," says Eric D. Marx, senior vice president of The Lightstone Group. "This acquisition fits within our strategy of growing our portfolio through value-added acquisitions."
The SpringHill Suites Peabody hotel, built in 2001, is approximately 10 minutes south of the soon to be renovated and rebranded DoubleTree by Hilton Boston Northshore, which is owned by a Lightstone affiliate, Lightstone Value Plus Real Estate Investment Trust.
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