Lightstone Secures Financing for 3rd NYC Moxy Hotel
- Mar 26, 2018
Lightstone has closed on $91 million in financing to build Moxy East Village, its third Moxy location in New York City. The company is developing the 285-key hotel at 112-120 East 11th St. in partnership with Marriott.
The deal was financed by the Bank of the Ozarks.
“With its lively restaurant scene and vibrant nightlife, the East Village is the perfect location for our third Moxy hotel in New York,” Mitchell Hochberg, Lightstone’s president, said in a prepared release. “Featuring a large array of amenities, efficient use of space, and lounges that bring travelers and the local community together, Moxy East Village will be a dynamic addition to the neighborhood. We look forward to working with Bank of the Ozarks and Marriott on this incredible project.”
The new hotel will be situated south of Union Square in the East Village, across from Webster Hall. The design concept of the hotel will be based on urban archeology that references the city’s past, present and future. To that end, each floor will feature a different layer in Lower Manhattan’s history, creating a sense of discovery for guests.
Moxy East Village will be a micro-guestroom, macro-amenity hotel and will boast smartly designed bedrooms, technology-savvy amenities, community-based social programming, rooftop fitness, coworking spaces, and six new eating and drinking establishments for guests and locals.
Overall, Lightstone plans to develop 1,500 Moxy guestrooms in New York City, including the brand’s 612-key flagship U.S. hotel in Times Square that opened in the fall of 2017. Additionally, Moxy Chelsea hotel will open this fall. Earlier this month, the 349-key hotel topped out.
Strengthening the Brand
The Moxy brand, launched by Marriott in 2014 as a stylish-but-affordable line of hotels with a focus on communal spaces, appears to be a winner for Lightstone when it comes to getting the lending community’s attention.
The company is also developing seven Moxy properties across the U.S., with one in South Beach, Miami, one in downtown Los Angeles and one in West Hollywood.
Currently, Lightstone is active in 28 states across the nation, developing, managing and investing more than 176 existing properties in its $3 billion portfolio.