Hospitality

BATON ROUGE, LA. — Lightstone Value Plus Real Estate Investment Trust Inc., a non-traded REIT sponsored by The Lightstone Group, has acquired two Marriott-branded hotels in Baton Rouge for $15.6 million. The properties include the 121-room Courtyard by Marriott and the 108-room Residence Inn by Marriott. The hotels are adjacent to I-10, which connects Baton Rouge to New Orleans, and are situated minutes from major businesses, including 65 petrochemical facilities and the newly constructed Women's Hospital of Baton Rouge. The Courtyard by Marriott underwent a $3.1 million renovation in 2010 that included an upgrade of the guestrooms and corridors. Lightstone plans to fully renovate the Residence Inn by Marriott property, including replacing soft goods and upgrading the guestrooms, meeting rooms and lobby areas.

KEY WEST, FLA. — Ashford Hospitality Trust Inc. has completed its previously announced acquisition of the 142-room Pier House Resort and Caribbean Spa in Key West for $90 million. The hotel includes 40 waterfront facing rooms and suites and standard guest rooms that average 325 square feet. The hotel also features 2,600 square feet of meeting space, a 10,000-square-foot spa, three food and beverage outlets and a fitness facility. The property is located at the northern end of Duval Street on a six-acre compound with a private beach and immediate access to the Gulf of Mexico. In 2012, the hotel achieved RevPAR of $275, 83 percent occupancy and and average daily rate of $333.

LAKE CHARLES, LA. — L'Auberge Casino Resort and Pinnacle Entertainment Inc. held a ribbon-cutting ceremony for the completion of a $20 million hotel room renovation project in Lake Charles. Phase II of the renovation will begin in September to complete renovation of the remaining hotel tower rooms and suites in the first half of 2014. The renovation included the addition of two new room categories: Royale and Marquis Suites. Upgraded amenities include refrigerators, Keurig brand coffee machines, make-up mirrors and new furnishings. KAP Construction served as the contractor for the project.