Goldman Sachs Lends $175M on East Village Hotel
Goldman Sachs Private Bank has closed a $175 million loan to refinance the Moxy East Village, a 286-key Marriot-brand hotel on East 11th Street.
NEW YORK CITY – Goldman Sachs Private Bank has closed a $175 million loan to refinance the Moxy East Village, a 286-key Marriot-brand hotel on East 11th Street. The hotel launched in September and is the third of five Moxy hotels Lightstone has developed in New York City.
Lightstone aims to grow the Moxy portfolio observing the success of the hotel chains with not only the Moxy East Village opening but the first two hotels that proceeded it, including the Moxy Chelsea and Moxy Times Square. The idea is to bring a creative hotel concept with food and drink retail for not only hotel goers to enjoy, but that locals can frequent, Mitchell Hochberg, president of Lightstone, told GlobeSt.com in a recent article.
“With few hotels around, the East Village hasn’t really been accessible to visitors,” Hochberg said in a prepared statement. “Our goal with Moxy East Village was to create a property that embraces the unique character of the East Village and its place in the history of American culture while defining what hospitality means in the neighborhood today. We’re pleased to see guests, New Yorkers, and local partners embrace the hotel so quickly, creating a true sense of community.”
In 2020, four new eating and drinking venues overseen by Tao Group Hospitality are set to open, including Cathédrale, a French-Mediterranean restaurant from Chef Jason Hall; Little Sister, an underground lounge; the all-day Alphabet Bar & Cafe in the lobby; and a rooftop bar.
Lightstone has four additional Moxy properties in the pipeline and is set to open Moxy South Beach on Miami Beach in 2020, which will mark Lightstone’s first Moxy outside of New York. Other hotels in development include Moxy Lower East Side and Moxy Williamsburg in New York, and a Moxy and an AC Hotel in Downtown Los Angeles.