NEW YORK, April 16, 2018 /PRNewswire/ — National real estate investor and developer Lightstone announced today the expansion of the company’s long-standing relationship with Western Alliance Bank, including both a new $140 million credit facility for Lightstone Value Plus REIT II, and a $35 million five-year loan financing the acquisition of the 183-key Hilton Garden Inn in Long Island City. The new credit facility broadly supports the expansion of Lightstone’s hospitality portfolio.
“Western Alliance Bank continues to be a true partner as we grow our hospitality portfolio,” said Lightstone President Mitchell Hochberg. “Western Alliance has an in-depth understanding of the industry, and their financing has consistently allowed us to make strategic and nimble decisions and create greater value in our investments. We’ve long enjoyed working with our counterparts at Western Alliance Bank and look forward to continuing a successful partnership.”
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Today’s announcement builds on a long-standing 5-year relationship between Lightstone and Western Alliance Bank, which was recently named #2 on the Forbes 2018 “Best Banks in America” list.
Lightstone has worked with Western Alliance Bank to finance a number of hospitality investments, including most recently an $18 million loan for a select service hotel in New Orleans, La. and a $25 million loan for a select service hotel in Needham, Mass. Other major financing projects include two separate $60 million and $75 million revolving loans used to finance five and nine hotels across the United States, respectively.
Lightstone has established a wide-ranging hospitality portfolio across the country, including 29 hospitality properties totaling 3,929 keys. Most recently, Lightstone opened the 612-key Moxy Times Square hotel in fall 2017 which quickly established itself as the premier hotel for modern travelers to New York City. In addition to its bold, modern approach, Moxy Times Square’s world class eating and drinking destinations, including NYC’s largest all-season hotel rooftop bar, attract packed houses of tourists and New Yorkers alike.
Lightstone’s portfolio includes partnerships with Marriott, Starwood, Hilton, IHG and Hyatt. The company’s national hotel development portfolio includes the 349-key Moxy Chelsea hotel set to open in Fall 2018, two additional planned NYC-based Moxy hotels, and planned Moxy properties in South Beach, Miami, as well as downtown Los Angeles and West Hollywood.
The newly acquired Long Island City Hilton Garden Inn was purchased for $60 million. The 183-key hotel was constructed in 2015 and is located at 29-21 41st Ave, across from large office developments and within walking distance from the recently reinvigorated Queens Plaza and surrounding transit hubs. For the immediate future, Lightstone plans to continue operation of the hotel as a Hilton Garden Inn.
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 176 existing properties, Lightstone’s $3 billion portfolio currently includes over 6 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 3,929 hotel keys. Lightstone also owns over 12,000 land lots across the country.
Headquartered in New York City, Lightstone continues to grow its development portfolio with approximately $2.3 billion dollars currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
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