Lightstone, Wanda Group ups hotel investments by the billions | hotelmanagement.net
By some accounts, the hotel industry is in need of additional supply to absorb growing demand, and investors are stepping up their activity in response. One such investor, The Lightstone Group, is committing $2 billion to developing and investing in lodging properties. Bloomberg reported that Lightstone is targeting select-service properties in proven U.S. markets, and is teaming up with Marriott International to build five Moxy hotels in New York -- four in Manhattan and one in Brooklyn. Lightstone plans on spending $1 billion on Moxy-branded hotel development, and $1 billion more towards hotel investments in other areas of the U.S.
