Lightstone buys Hilton Garden Inn in LIC

Developer is financing purchase with $35M loan from Western Alliance Bank

Mar.March 29, 2018 06:20 PM

Long Island City Hilton Garden Inn (Credit: Hilton)

Lightstone Group has purchased the Hilton Garden Inn in Long Island City for $60 million, according to property records filed with the city Thursday.

The 16-story, 183-key hotel, which opened in April 2015, is located at 29-21 41st Avenue, and Lightstone purchased it from a group of investors led by Sagamore Capital and Ranger Properties. The company is funding the purchase with a $35 million loan from Western Alliance Bank. The price comes out to about $330,000 per key.

“We’re investing in growing our hospitality portfolio at all levels where we see value, and we see high potential in growing, transit accessible areas like Long Island City,” Lightstone Group president Mitchell Hochberg said in a statement.

The company closed this month on a roughly $50 million purchase of four buildings in the Bronx and took out a $91 million loan for its Moxy hotel project at 112 East 11th Street in the East Village, which will span about 78,000 square feet.

A recent analysis by The Real Deal found that Long Island City was the most popular neighborhood in the outer boroughs for hotels by a long shot, with developers planning more than 40 such projects in the neighborhood dating back to 2010.

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