Lightstone Buys Queens Hilton Garden Inn
- Apr 11, 2018
Lightstone has acquired the Hilton Garden Inn in Queens’ Long Island City neighborhood for $60 million, adding to its rapidly growing New York City hospitality portfolio. The acquisition will be a joint venture between the company’s REIT II and REIT III. As of now, Lightstone will continue operating the hotel as a Hilton Garden Inn property.
Located at 29-21 41st Ave., the 183-key Hilton Garden Inn Long Island City Queensboro Bridge hotel was built in 2015 and is LEED Certified. Guests have access to features such as a 24-hour business center, free Wi-Fi, a fitness center, full-service restaurant, four meeting rooms, 24-hour pavilion pantry market, ATM, bar area and snack shop.
“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,” Mitchell Hochberg, president of Lightstone, said in prepared remarks. “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.”
The hotel is within close proximity to Queens Plaza, several large office developments, six different subway lines, as well as a 15-minute drive from La Guardia Airport and a 30-minute drive from John F. Kennedy International Airport. Local attractions include the Museum of Moving Image, Citi Field Stadium, Socrates Sculpture Park, Roosevelt Island, Times Square and Central Park.
Image courtesy of Lightstone