Lightstone Group Acquires Aloft Tucson University Hotel from Starwood for $19M
By Balazs Szekely, Associate Editor
Starwood Hotels & Resorts Worldwide Inc. recently announced the $19 million sale of Aloft Tucson University to Lightstone Value Plus Real Estate Investment Trust II Inc., a public, non-traded REIT sponsored by The Lightstone Group.
Founded in 1988, The Lightstone Group is a privately held real estate company taking pride in a portfolio of over 8.1 million square feet of office, hotel, retail and industrial assets, more than 11,000 multifamily units, and north of 12,000 fully-improved residential lots throughout the States. “We believe this acquisition is representative of Lightstone’s ability to identify attractive investment opportunities,” David Lichtenstein, chairman and CEO of The Lightstone Group said in a recent statement for the press.
Aloft Tucson University is located at 1900 East Speedway, right next to the University of Arizona campus and the University of Arizona Medical Center, with shopping, dining and entertainment within reach. Originally built in 1972, it has undergone a complete redevelopment prior to its re-opening in April 2013 as Aloft Tucson University. Its range of amenities includes a heated outdoor pool, a bar, a 24-hour fitness center, a lounge equipped with a pool table, a 24/7 grab-and-go gourmet pantry and 1,723 square feet of flexible meeting space, designed with business meetings and social gatherings in mind. The guest rooms feature the brand’s signature Aloft beds, oversized showerheads, custom amenities by Bliss Spa and plug & play connectivity stations that charge all types of electronics and link to the 42″ LCD TVs.
The hotel will be managed under a long-term license agreement by Island Hospitality Management and will continue to operate as part of the Aloft brand.
Photo credits: Aloft Tucson UniversityTags: Acquisitions/Dispositions, Aloft Tucson University, Brokers, David Lichtenstein, economy, Finance/Investment, Hospitality, Investors, Island Hospitality Management, Lightstone Value Plus Real Estate Investment Trust II Inc., Local, Managers, National, property management, Regional, Starwood Hotels & Resorts Worldwide Inc., The Lightstone Group, Tucson Lead Story