Lightstone acquires 29-21 41st Avenue

Western Alliance Bank provided the acquisition debt

Lightstone Group has acquired the Long Island City Hilton Garden Inn from Sagamore Capital andRanger Properties for $60 million. The newly built 183-key hotel is located at 29-21 41st Avenue.

Financing Details: Lightstone secured a $35 million acquisition loan from Western Alliance Bank.

Heard on the street: Lightstone President Mitchell Hochberg told the CO: “We’re investing in growing our hospitality portfolio at all levels where we see value, and we see high potential in growing, transit accessible areas like Long Island City.