Lichtenstein’s Lightstone Group to invest $2B in hotels

Company partnering with Marriott to open four hotels on Manhattan and one in Brooklyn

New York /
Feb.February 20, 2015 08:10 AM

David Lichtenstein’s Lightstone Group is investing $2 billion into the development of hotel properties that will be geared toward younger travelers.

The company will pick out “top-branded” select service properties, Bloomberg reported. Lightstone has partnered with Marriott International to build four Moxy — which are micro, more affordable — hotels in Manhattan and one in Brooklyn, the website reported. Lichtenstein told the website he plans to spend about $1 billion on the Moxy developments in New York and one in Los Angeles. The other $1 billion will be spent on other hotel investments in other parts of the country.

“We spent time evaluating many brands and concluded that Marriott is the best brand partner for our developments,” Lichtenstein told Bloomberg. “Residential has exceeded prior peaks. Industrial has come roaring back. Office has lagged for good reason. Hotels are coming back and coming back strong.”

Lightstone is planning to start construction on one of the hotels — on 36th Street and Seventh Avenue — within 90 days, according to the website. The three others are located on 28th Street, on the Lower East Side and Tribeca. [Bloomberg] — Claire Moses 


Related Articles

arrow_forward_ios
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
The grand reopening: As restrictions lift, CRE markets race toward recovery
The grand reopening: As restrictions lift, CRE markets race toward recovery
The grand reopening: As restrictions lift, CRE markets race toward recovery
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Acting Katara CEO Andrew Humphries and 355 West 16th Street (Google Maps, AHIC)
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Katara Hospitality takes over Dream Downtown’s $125M ground lease
About 38 percent of New York hotels with loans in commercial-mortgage backed securities were 30 days or more past due in May. (iStock)
Hotels’ recovery taking longer in NYC than elsewhere
Hotels’ recovery taking longer in NYC than elsewhere
Gowanus Inn & Yard at  645-651 Union Street, Brooklyn, Sonder CEO Francis Davidson and Red Pine Principal Michael Federman (Google Maps, Sonder, Federman Steifman)
Sonder takes lease for 76-key Gowanus Inn
Sonder takes lease for 76-key Gowanus Inn
Starwood CEO Barry Sternlicht and Blackstone CEO Stephen Schwarzman (Getty)
Blackstone, Starwood up bid for Extended Stay America
Blackstone, Starwood up bid for Extended Stay America
Abraham Merchant of Merchants Hospitality, 11-01 43rd Avenue and Frank Brosens of Taconic (Merchants Hospitality, Getty, Savanna Rooftop)
Merchants Hospitality sells dormant LIC hotel for $38M
Merchants Hospitality sells dormant LIC hotel for $38M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...