Lightstone Group had purchased the Hilton Garden Inn in Long Island City for about $60 million as per property records that were filed with the city on Thursday.
The 16-story, 183-key hotel that had opened in April 2015 located at 29-21 41st Avenue and Lightstone had bought it from a group of investors who were led by Ranger Properties and Sagamore Capital.
This company has been funding the purchase with a $35 million loan from Western Alliance Bank.
The price comes out to nearly $330,000 per key.
Mitxhell Hochberg who is the president of Lightstone Group mentioned in a statement that they have been investing in growing their hospitality portfolio at all levels and they witnessed a high potential in growing, transit accessible areas like Long Island City.
This company had closed this month on approximately $50 million purchase of four buildings in the Bronx and had taken out a $91 million loan for its Moxy hotel project at 112 East 11th Street in the East Village that would be spanning about 78,000 square feet.
