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 Indie Cultivate event and Independent Lodging Congress president Andrew Benioff (Independent Lodging Congress)
Is innovation dead? These real estate disruptors say no
Is innovation dead? These real estate disruptors say no
From left: Brookfield’s Brian Kingston and Hospitality Investors Trust's Jonathan P. Mehlman with Hilton Garden Inn Monterey (Brookfield, Hospitality Investors, Hilton)
Brookfield hotel REIT sues insurers for denying pandemic claims
Brookfield hotel REIT sues insurers for denying pandemic claims
Joe Chetrit with Empire Hotel (Empire Hotel)
Chetrit secures lifeline at Empire Hotel
Chetrit secures lifeline at Empire Hotel
A photo illustration of Yorkshire Towers, Lexington Towers, the Fifty Hotel & Suites and 475 Fifth Avenue (Google Maps, LoopNet, iStock)
Manhattan’s biggest loans in May led by rentals
Manhattan’s biggest loans in May led by rentals
Renderings of 159 Broadway in Williamsburg (Cornell Realty Management, Rosewood Realty Group, iStock)
Williamsburg hotel project up for bankruptcy sale
Williamsburg hotel project up for bankruptcy sale
Outside investors see big opportunities in North Fork hotels
Outside investors see big opportunities in North Fork hotels
Outside investors see big opportunities in North Fork hotels
450 11th Avenue and Marx Development Group's David Marx (Marx Development Group, iStock)
Credentials faked on Hudson Yards tower, other projects: report
Credentials faked on Hudson Yards tower, other projects: report
Sonder ceo Francis Davidson (Sonder, iStock)
Short-term rental startup Sonder cuts staff 20% after poor public debut
Short-term rental startup Sonder cuts staff 20% after poor public debut
arrow_forward_ios

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

Loading...