NEW YORK, Dec. 22, 2016 /PRNewswire/ -- Lightstone, a national real estate investor/developer, announced today that it has closed on financing for a new 349-room hotel on West 28th Street in Manhattan's NoMad section, one of four Moxy hotels it is developing in New York City, in partnership with Marriott. The financing consists of participation from Bank of the Ozarks and an institutional investor.
The new Moxy will be 37 stories with a lobby lounge, fitness center and meeting rooms, as well as first floor and rooftop dining and bar options. Energized and socially-activated public spaces are an essential part of Moxy's overall aim to be a fresh, bold and affordable lifestyle hotel with smartly designed and technologically advanced rooms. Strategically catered to the needs and preferences of millennial travelers, Moxy is an affordable and accessible hotel option with the soul of a boutique hotel.
Lightstone has four Moxy's under development in New York City totaling approximately 1,500 rooms. This includes the brand's 618-room flagship U.S. property in Times Square that is scheduled to open in 2017. Lightstone is developing seven Moxy properties across the U.S., with one in South Beach, Miami, one in downtown Los Angeles, and one in West Hollywood.
"We are very excited partnering once again with Bank of the Ozarks on this Moxy development," said Lightstone President Mitchell Hochberg. "We're looking forward to continuing our work with Marriott on several Moxy hotels in New York and across the country."
Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone's $2 billion portfolio (in 26 states) currently includes over 6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 3,800 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $2.5 billion worth of projects currently under development in the residential and hospitality sectors.
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