Lightstone Value Plus Real Estate Investment Trust Inc. agreed to contribute up to $20.0 million to a subsidiary of the company's sponsor for the development of a 205-room Marriott Moxy hotel in Miami Beach, Fla.
The Florida property is at 915-955 Washington Ave.
Lightstone made its first commitment of $6.5 million Sept. 30 through working capital, which it also plans to use for the balance of the commitment. The company is entitled to monthly preferred distributions at a rate of 12% per annum.
Separately, Lightstone increased its as-needed aggregate contributions in the development of a hotel at 112-120 E. 11th St. in New York to $57.5 million from up to $40.0 million.
The New York hotel is expected to be completed in the first quarter of 2019.