Mitchell Hochberg, president, of the Lightstone Group.

NEW YORK CITY – The Lightstone Group, a real estate investment management firm, is betting on affordable hotel investments in New York City. The firm opened a chain of Moxy Hotels catering to that sliver of the market and will soon launch two more, the Moxy Lower East Side and Moxy Williamsburg. The investments as viewed as not only lucrative but recession-proof in the case of a market slow down, Mitchell Hochberg, president of the Lightstone Group, tells Globest.com.

Lightstone embarked on building affordable hotels three to four years ago in a partnership with Marriott International to develop the first three properties bearing the Moxy brand, which included the Moxy Times Square that has over 600 rooms and Moxy Chelsea with over 340 rooms, and then most recently the Moxy East Village that has an estimated 290 rooms.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.