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Lightstone Grows Moxy Hotel Footprint with Buy of LES Site
Lightstone has acquired a parcel at 151 Bowery on the Lower East Side that will contain the developer’s fourth Moxy hotel in New York. The acquisition for the 298-key development was financed partly by a $35.6-million Bank OZK loan.
“With its exciting nightlife, dining and shopping, this area is perfectly suited for the Moxy guest, and we are pleased to announce it as the newest New York City location for the brand,” said Lightstone president Mitchell Hochberg. “We believe the hotel will be a strong addition to the dynamic and growing neighborhood.”
The acquisition comes less than three months after Lightstone topped out Moxy East Village, and about a month ahead of the scheduled opening of Moxy Chelsea (pictured). Lightstone is developing the Moxy brand locally in partnership with Marriott International.
The brand‘s 612-room Times Square flagship was named 2017 Development of the Year by the Americas Lodging Investment Summit.
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- ◦Financing
- ◦Development
- ◦Sale/Acquisition
