EXHIBIT 21.1
LIST OF SUBSIDIARIES
| Entity(1) | Jurisdiction of Incorporation | |
| BHO II, Inc. | Delaware | |
| BHO Business Trust II | Maryland | |
| Lightstone REIT V OP LP(2) | Texas |
| (1) | Does not include subsidiaries of Lightstone REIT V OP LP, which holds our investment assets. |
| (2) | As of January 1, 2009, BHO II, Inc. was the sole general partner and owner of less than 0.1% in Lightstone REIT V OP LP, our operating partnership. As of January 1, 2009, BHO Business Trust II was the sole limited partner and owner of the remaining interest in Lightstone REIT V OP LP. |