MIAMI—Two South Florida Hampton Inns have changed hands. Lightstone Value Plus Real Estate Investment Trust, Inc. acquired Hampton Inn Miami – Airport West and the Hampton Inn & Suites Fort Lauderdale – Airport, for $31 million. The hotels have a combined 231 keys.
“We believe these are two premium-branded hotels with demonstrated performance in the select service market space,” says David Lichtenstein, chairman and CEO of Lightstone. “Both properties are well located in their respective airport markets and we think they are poised for growth in their occupancies and rates.”
The purchase is part of Lightstone's growth strategy to acquire a portfolio of service hotels across the country over the next 12 months. The two South Florida hotels have been placed under new management, which will be overseen by Lightstone's hospitality division.
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