Lightstone secures $91m to develop Moxy hotel in New York City

The Bank of the Ozarks has granted a $91m loan to Lightstone for the development of its third Moxy hotel in New York City. The firm plans to develop the 285-room project in partnership with Marriott. Positioned south of Union Square in the East Village, across from Webster Hall, the property will feature community-based social programming, rooftop fitness, co-working spaces, and six new eating and drinking establishments for guests and locals.

"With its lively restaurant scene and vibrant nightlife, the East Village is the perfect location for our third Moxy hotel in New York," said Lightstone President Mitchell Hochberg. "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."