Lightstone Value Plus Real Estate Investment Trust III, Inc.
LVVR
Other OTC2.65
USD
+0.35
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Lightstone Value Plus Real Estate Investment Trust III, Inc.
LVVR
(Other OTC)
Recent
price
2.65
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Lightstone Value Plus Real Estate Investment Trust III, Inc. (LVVR) is a Maryland corporation formed on October 5, 2012 and headquartered at 1985 Cedar Bridge Avenue, Suite 1, Lakewood, New Jersey, that elects to qualify as a real estate investment trust for U.S. federal income tax purposes; it conducts substantially all operations through its UPREIT structure, Lightstone Value Plus REIT III LP, a Delaware limited partnership focused on acquiring, owning, operating, developing, and investing in U.S. commercial real estate, primarily hospitality properties including limited-service and full-service hotels, with secondary holdings in retail shopping centers, industrial, and office properties. Core assets include eight wholly owned limited-service hotels totaling 872 rooms such as Hampton Inn Des Moines, Courtyard Durham, Hampton Inn Lansing, Courtyard Warwick, Home2 Suites Salt Lake City, Home2 Suites Tukwila, Fairfield Inn Austin, and Staybridge Suites Austin; a 50% unconsolidated interest in the Hilton Garden Inn Long Island City joint venture, a 183-room limited-service hotel in Queens, New York; and a 25% unconsolidated interest in the Williamsburg Moxy Hotel joint venture, a 216-room full-service hotel in Brooklyn, New York that opened in March 2023; the company may also allocate up to 20% of net assets to real estate-related debt investments like collateralized debt obligations, commercial mortgage-backed securities, and mortgage or mezzanine loans secured by similar property types. In 2024, the limited-service hotel portfolio recorded 71.1% occupancy, $127.43 average daily rate, and $90.59 revenue per available room, while the Hilton Garden Inn joint venture achieved 86.7% occupancy, $219.34 average daily rate, and $190.26 revenue per available room, and the Williamsburg Moxy joint venture posted 90% occupancy, $285.30 average daily rate, $255.25 revenue per available room, and revenue growth to $29.7 million from $23.3 million in 2023. Recent developments include suspending dividend payments starting in the first quarter of 2024 amid a net loss of $5.2 million on $29.9 million revenue, maintaining a share repurchase program with 0.5% annual limits for death and hardship redemptions, and ongoing management of joint venture financings such as the April 2024 $86 million senior mortgage and $9 million junior mortgage on the Williamsburg Moxy Hotel; the estimated net asset value per share stands at $10.48 as of December 31, 2024.