Lightstone Value Plus REIT III is a non-traded REIT that owns hotels in the United States. The 10-K states a primary objective of capital appreciation, with income as a secondary objective, pursued without subjecting principal to undue risk. At December 31, 2025 it wholly owned eight limited-service hotels (872 rooms) and held interests in two hotel joint ventures with affiliated REITs. It may also hold retail, industrial or office property and real estate debt, but has set no limits by asset category. Its public offering ended in 2017 and it does not currently intend to list.