Lightstone Group, a national real estate investor and developer, secured $53 million in construction financing for a Moxy Hotel project in New York City.
The financing for the property was provided by Bank of the Ozarks, which also assumed a $17-million mortgage provided by Mexican financial institution Banco Inbursa to Lightstone for the property. The 349-room hotel will be located at 105-109 West 28th Street in New York's NoMad neighborhood. Once completed, the hotel will consist of over 37 stories and will include a lobby lounge, fitness center, meeting rooms, rooftop dining and a bar. Development on the property is expected to conclude in 2018.
“We are very excited partnering once again with Bank of the Ozarks on this Moxy development,” Mitchell Hochberg, president of Lightstone Group, said in a statement. “We’re looking forward to continuing our work with Marriott on several Moxy hotels in New York and across the country.”
Lightstone Group is working in partnership with Marriott International to develop four Moxy hotels in New York City, three more apart from the NoMad property. The 1907 building at 485 Seventh Avenue in Times Square is set to become the 618-room Marriott Moxy Hotel when it opens in spring 2017. Lightstone secured $330 million in financing to develop this property in January, and the company also filed plans with the New York City Department of Buildings in September for a smaller 13-story, 311-room Moxy property at 112 East 11th Street. This hotel is also expected to open in 2018. A fourth New York Moxy is planned for the city's Lower East Side, but a site has yet to be selected.
Marriott and Lightstone are also collaborating to develop Moxy hotels in Miami and Los Angeles.