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Lightstone Acquires Senior Mortgage on Marriott Courtyard

PARSIPPANY, NJ-The $9.3 million deal signifies the firm’s rebuilding of its hospitality business, Lightstone says.

By Debra Hazel | Updated on November 07, 2011

PARSIPPANY, NJ-The Lightstone Group has acquired the senior mortgage on the 151-room Marriott Courtyard hotel on Route 46 here for the discounted price of $9.3 million, approximately 52% of the unpaid balance.

The note was acquired from LNR Partners through an auction held by Auction.com, explains Ryan Colbert, an acquisition officer at New York City-based Lightstone Group. “The property was in very good shape,” Colbert tells GlobeSt.com, though it does require some cosmetic work to transform its lobby dining area to Marriott’s new Bistro concept.

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