David Lichtenstein, whose real estate company owned Extended Stay Hotels when the chain went bankrupt, is committing $2 billion to developing and investing in lodging properties.
Lightstone Group is choosing “top-branded” select-service properties, those with limited amenities, in proven U.S. markets for its projects, Lichtenstein said. As part of the strategy, Lightstone has teamed up with Marriott International Inc. to build five Moxy hotels in New York—four in Manhattan and one in Brooklyn. The “micro” lodgings, with high-tech features and smaller-than-average rooms, are geared toward younger travelers.
