Lightstone Group Closes on Note Acquisition Secured by Marriott Courtyard in Parsippany, N.J.

NEW YORK, Nov. 2, 2011 /PRNewswire/ -- The Lightstone Group today announced that it has closed on the senior mortgage acquisition secured by the 151-room Marriott Courtyard hotel in Parsippany, N.J. The purchase price was $9.3 million or $62,000 per key (52% of UPB).

The hotel, which is under both Marriott management and flag, was originally constructed in 2001 and underwent extensive lobby and guestroom renovations in 2006 and 2008. The property has three floors with 146 guest rooms, five suites and three meeting rooms, with more than 1,350 square feet of meeting space.

The property, located along Route 46 East, is well positioned in Parsippany with major demand drivers from nearby office parks, and is 32 miles west of New York City and 27 miles northwest of Newark Liberty International Airport.

"The collateral presented a sound investment opportunity at our discounted basis and further expands our presence in the New York Metropolitan area hotel sector, " said Ryan Colbert, an acquisition officer at the Lightstone Group. "As we continue to build our hospitality business, we are working to identify additional opportunities in strategic markets for high-quality investment opportunities."

The transaction marks Lightstone's third note acquisition collateralized by a hotel property and its fifth hospitality acquisition since 2007, including the senior mortgage acquisition secured by the Holiday Inn Express® Hotel & Suites Tower Center in East Brunswick, N.J.; the senior mortgage secured by the 141-room Fairfield Inn in East Rutherford, N.J.; a 125-room limited-service extended-stay TownePlace Suites by Marriott in Metairie, LA; and the 366-room full-service CoCo Key Hotel & Water Resort in Danvers, MA.

About The Lightstone Group

Founded in 1988 by David Lichtenstein, The Lightstone Group has grown to become one of the largest privately held real estate companies in the United States.  Its diversified portfolio of industrial, office, retail and residential real estate assets includes 10 million square feet of commercial space and more than 8,000 multifamily units in 20 states and Puerto Rico.

The Lightstone Group manages its business through operating platforms, each focused on a specific real estate asset class. Headquartered in New York, The Lightstone Group employs more than 500 professionals. For more information, visit www.lightstonegroup.com.

SOURCE The Lightstone Group

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED