Lightstone Value Plus Real Estate Investment Trust III has acquired two Home2 Suites by Hilton: a 125-key hotel in Salt Lake City/South Jordan, Utah, for $19.25 million and a 139-key hotel near the Seattle-Tacoma International Airport for $28 million. Lightstone entered into a long-term franchise agreement with Hilton for both properties commencing upon acquisition. The properties will be managed by Island Hospitality and overseen by Lightstone’s hospitality division.
The Home2 Suites is located in South Jordan, Utah, a suburb of Salt Lake City. The property opened in 2013 and is the exclusive hotel within the RiverPark Corporate Center, a 120-acre business park comprised of 15 buildings totaling 1.7 million square feet of office and retail space. The hotel is also conveniently located near Alta Ski Resort, a major recreational destination in Utah.
The Home2 Suites, located in Tukwila, Washington, opened in 2015 and is ideally situated five miles from the Seattle-Tacoma International Airport, one of the nation’s fastest growing international hubs. Located only 20 minutes south of downtown Seattle, several major companies maintain a presence in this area including, Boeing, REI and Group Health Cooperative.
“We’re excited to expand our portfolio through these acquisitions in the Salt Lake City and Seattle markets,” said David Lichtenstein, Chairman and CEO of Lightstone. “These properties are strategically located in growing markets and bring a geographic diversity within LVPR III.”