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Lightstone Makes Hilton Garden Inn Buy in LIC
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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
