Lightstone buys Hilton Garden Inn in LIC Developer is financing purchase with $35M loan from Western Alliance Bank
Long Island City Hilton Garden Inn (Credit: Hilton)
Lightstone Group has purchased the Hilton Garden Inn in Long Island City for $60 million, according to property records filed with the city Thursday.
The 16-story, 183-key hotel, which opened in April 2015, is located at 29-21 41st Avenue, and Lightstone purchased it from a group of investors led by Sagamore Capital and Ranger Properties. The company is funding the purchase with a $35 million loan from Western A上海龙凤论坛 lliance Bank. The price comes out to about $330,000 per key.
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 Islan爱上海同城 d City, Lightstone Group president Mitchell Hochberg said in a statement.
The company closed this month on a roughly $50 million purchase of four buildings in the Bronx and took out a $91 million loan for its Moxy hotel project at 112 East 11th Street in the East Village, which will span about 78,000 square feet.
A上海千花网论坛 recent analysis by The Real Deal found that Long Island City was the most popular neighborhood in the outer boroughs for hotels by a long shot, with developers pl上海贵族宝贝交流区 anning more than 40 such projects in the neighborhood dati爱上海龙凤419桑拿 ng back to 2010.
Tags: Commercial Real Estate, hilton garden inn, lightstone group, long island city
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