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Times Square Moxy Lands $330M in Funds

NEW YORK CITY—The flagship of a newly launched hotel brand from Marriott, the 16-story office/retail property is returning to its original purpose of lodging via the Lightstone Group's adaptive repositioning.

By Paul Bubny | Updated on January 15, 2016

NEW YORK CITY–Square Mile Capital Management LLC and Lightstone Group said Friday they had closed on loans totaling $330 million for the development and construction of a Marriott Moxy Hotel in Manhattan’s Times Square South submarket. The 618-key property at 485 Seventh Ave. is to be the flagship for Marriott’s newly launched Moxy brand, and is one of four that Lightstone has under development in New York City.

“Marriott is the leader in defining the next generation travel and lifestyle space and Moxy hotels are fun concentrated-format lifestyle hotels with smartly designed and technologically advanced rooms, coupled with generous socially activated public space,” says Mitchell Hochberg, president of Lightstone. “Our partnership with Marriott puts Lightstone at the forefront of the rapidly growing lifestyle hotel sector in the New York City area.” Hochberg shares additional thoughts on the Moxy brand in an upcoming article in GlobeSt.com’s sister publication, Real Estate Forum.

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