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

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

TRD 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

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

Renderings of 450 11th Avenue and 350 West 39th Street (Credit: DSM Design Group and Gene Kaufman Architect)

NYC’s strong hotel pipeline pushes down occupancy, revenue: report

Sam Chang and 150 West 48th Street (Credit: Google Maps)

Sam Chang lands $250M loan for Midtown hotel project

Alex Sapir and the NoMo Soho hotel at 9 Crosby Street (Credit: NoMo SoHo)

Sapir Corp.’s stock drops in Tel Aviv

181 Varick Street (Credit: Google Maps)

Claremont Companies buys Soho Marriott for $59M

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel