Lightstone Value Plus Real Estate Investment Trust III, Inc. announced that it has acquired Courtyard Durham by Marriott for $16 million. Lightstone REIT has obtained a 15-year franchise agreement from Marriott following the acquisition. The property will be placed under new management, which will be overseen by Lightstone's hospitality division.

The property is a recently renovated 146-room select-service hotel in Durham, adjacent to Interstate 85 near Duke University, downtown Durham and the Research Triangle Park.