The Lightstone Group is committing $2 billion to developing and investing in select-service hotels, $1 billion of which it plans to spend on Moxy-branded properties, Bloomberg reports. The New York-based real estate company has teamed up with Marriott International to build five Moxy hotels in New York—four in Manhattan and one in Brooklyn. Lightstone also is under contract to build a 300-room Moxy in the Hollywood area of Los Angeles. The remaining $1 billion will go toward other hotel investments in well-performing areas of the country, the article states.
