PARSIPPANY, The Courtyard by Marriott hotel here will get an $8 million renovation, according to the Lightstone Value Plus Real Estate Investment Trust, the owner. It closed on a five-year $8 million loan with M&T Bank to finance the work.
David Lichtenstein, chairman and CEO of The Lightstone Group, said his company has a long-standing relationship with the bank. LVPR is a non-traded REIT sponsored by Lightstone.
The REIT will use the funds to renovate all guestrooms and baths at the 151-key hotel, which was acquired by LVPR in October 2011. Also, public areas will be improved and the Courtyard Refreshing Business concept (Bistro) will be put in place at the hospitality facility.
Furthermore, the fitness center will be exanded and the hotel meeting rooms and the terrace will be expanded. Work is expected to begin in October and take approximately four months.
LVPR invests in a diversified portfolio of real estate on behalf of its shareholders. The Lightstone Group, founded in 1988, is a privately held real estate company with a highly diversified portfolio: more than 11,000 multifamily units; 8.1 million square feet of office, hotel, retail and industrial assets; and 12,000 residential lots throughout the United States.
Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last decade. The company is also one of the most active residential developers in New York City, with more than 1,600 rental units currently under development in Manhattan, Brooklyn and Queens.
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