Lightstone has added to its New York City hospitality portfolio with the $60-million acquisition of the Hilton Garden Inn in Long Island City. The sellers were not identified, but published reports said the 183-key property’s previous ownership was a group led by Sagamore Capital.
Opened in 2015, the property is located at 29-21 41st Ave., across from large office developments and within walking distance of Queens Plaza and surrounding transit hubs. Lightstone will operate it as a Hilton Garden Inn for the time being.
“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,” said Lightstone president Mitchell Hochberg. “The Hilton Garden Inn is situated not only in a convenient location just 10 minutes from Midtown Manhattan, but also in a thriving creative neighborhood packed with culture, bars, restaurants and globally connected businesses.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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