Lightstone Value Plus Real Estate Investment Trust III, Inc. has established a taxable REIT subsidiary, LVP CY Durham Holding Corp. (LVP CY Durham TRS), which has entered into an operating lease agreement for the Hotel. LVP CY Durham TRS also entered into a management agreement with an unrelated third party for the management of the Hotel commencing on May 15, 2015 and a franchise agreement with Marriott, pursuant to which the Hotel will continue to operate as a 'Courtyard by Marriott', commencing on May 15, 2015 through December 16, 2028.