National real estate investor and developer Lightstone announced the acquisition of the Hilton Garden Inn in Long Island City, adding to their rapidly expanding hospitality portfolio in New York City on April 9.
Lightstone purchased the 183-key hotel for $60 million. The hotel, constructed in 2015, is located at 29-21 41st avenue, across from a number of 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.
“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 Mitchell Hochberg, Lightstone president. “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. It’s become a destination all in its own.”
Lightstone has established a wide-ranging hospitality portfolio across the country, including 29 hotels totaling 3,929 keys. Partnerships with renowned hospitality companies including Marriott, Starwood, Hilton, IHG, and Hyatt strengthen Lightstone’s robust national portfolio. With properties in 19 states across the country, Lightstone has a diversified portfolio that includes brands like Hampton, Courtyard Marriott, Moxy Hotels, and Holiday Inn.
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.
In addition to Moxy Times Square, Lightstone plans to develop six additional Moxy hotels nationally, including the 349-key Moxy Chelsea, a new construction project which recently topped out at 37 stories and plans to open in Fall 2018. Outside of New York City, Lightstone plans to develop additional Moxy properties in South Beach, Miami, as well as downtown Los Angeles and West Hollywood.
Lightstone’s acquisition of the Hilton Garden Inn comes at a key time as Long Island City has experienced tremendous office and multifamily development growth, making hotels serving the area like the Hilton Garden Inn a prime destination for business and leisure travelers alike.
Beyond the Hilton Garden Inn, Lightstone has a significant development and investment footprint in Long Island City, including the 428-unit multi-family rental property, ARC, in the Dutch Kills section of Long Island City. In 2011, Lightstone also developed the Gantry Park Landing, a luxury rental property, alongside the Long Island City waterfront.
The acquisition of the Hilton Garden Inn will be a joint venture between the company’s REIT II and REIT III.