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Lightstone Value Plus REIT II units secure $140M credit facility

Diversified real estate investment trust Lightstone Value Plus Real Estate Investment Trust II Inc., through two wholly owned units, signed a loan agreement with Western Alliance Bank for a nonrecourse revolving credit facility of up to $140.0 million.

The facility bears interest at the London Interbank Offered Rate plus 3.50% and has an initial term of three years, subject to two one-year extension options at the sole discretion of Western Alliance.

The company received an initial advance of $123.8 million under the facility May 17, which it used to pay down mortgage debt, and designated 13 of its hotel properties as collateral.

The properties include the Holiday Inn in Opelika and the Holiday Inn Express in Auburn, Ala.; the Aloft in Tucson, Ariz.; the Aloft and the Four Points by Sheraton in Philadelphia; the Courtyard by Marriott in Willoughby, Ohio; the Fairfield Inn & Suites by Marriott and the SpringHill Suites by Marriott in West Des Moines, Iowa; the Hampton Inn in Miami; the Hampton Inn & Suites in Fort Lauderdale, Fla.; the Residence Inn by Marriott in Needham, Mass.; the Hyatt Place in New Orleans; and the Courtyard by Marriott in Parsippany, N.J.