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