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278:, Extended Stay America emerged from bankruptcy in October 2010. A year after the bankruptcy, Blackstone was sued by creditors of Extended Stay America alleging that Blackstone "skimmed" US$ 2.1 billion off of the sale to Lightstone and knew that the amount of debt would have been unsustainable for the hotel chain; Blackstone settled the lawsuit in June 2013 for US$ 10 million.
206:, which allowed Lightstone to raise money from outside investors for the first time. The non-traded Lightstone Value Plus REIT invested in office, retail, and other commercial properties, and by the end of 2009, was fully invested in a total of 30 properties. By the end of 2011, Lightstone Value Plus I was the 18th largest non-traded U.S. REIT.
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The company's portfolio of real estate properties spans 20 U.S. states, and includes more than 11,000 multifamily units and approximately 20 million square feet of commercial space in the office, industrial, hotel, and retail sectors. The company has more than 570 employees, and is headquartered in
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In 2019, The
Lightstone Group, a real estate investment management business, is gambling on inexpensive New York City hotel developments. The company has launched a Moxy Hotels catering chain to the business sliver and will operate two more shortly, the Moxy Lower East Side and Moxy Williamsburg.
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In the summer of 2010, the company offered second, non-traded REIT, Lightstone Value Plus II, committing capital to the hospitality, retail, multi-family, and commercial segments. The
Lightstone Group committed 10% of the capital raised by the REIT. By December 2011, LVPII had invested in several
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is a privately held real estate investment company which owns and operates a diversified portfolio of multifamily, office, industrial, hotel, and retail properties. Lightstone has invested directly in individual real estate assets and in real estate operating companies. The company was founded by
194:. Beacon Management is a Lightstone subsidiary, which manages the company's residential apartment business. Baltimore, Maryland-based Paragon Outlets is an affiliate of Lightstone, and manages the company's retail portfolio.
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for US$ 8 billion. The deal, financed with US$ 7 billion of debt, was one of several multibillion-dollar hotel and casino sales made that year. On June 15, 2009, Extended Stay
America filed for
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Extended Stay America through a bankruptcy auction for US$ 3.93 billion. After its successful
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420:"The Lightstone Group Closes $ 8 Billion Acquisition of Extended Stay Hotels From The Blackstone"
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decimated leisure and business travel, Extended Stay faced shortages in
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406:"LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC - FORM 10-K"
328:"David W Lichtenstein, Lightstone Group LLC: Profile and Biography"
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In July 2010, an investment consortium made up of
Blackstone,
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The
Lightstone Group acquired Extended Stay Hotels (now trading as
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354:"Big Real Estate Firm Thrives by Buying Struggling Properties"
526:"Blackstone settles Extended Stay lawsuit for $ 10 million"
375:"LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC"
259:, it was able to continue operating rather than to face
500:"US judge backs Extended Stay's reorganization plan"
442:"Lightstone to buy Extended Stay Hotels for $ 8 bln"
422:(Press release). The Blackstone Group. Jun 12, 2007
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474:"Debt-strapped Extended Stay files for bankruptcy"
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594:Real estate companies of the United States
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609:Real estate companies established in 1988
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393:Lightstone Plus REIT II Starts Operations
604:1988 establishments in the United States
255:by Lightstone two years before. Through
214:Boston hotel, Saxon Hall Rego Park, and
599:1988 establishments in New York (state)
379:U.S. Securities and Exchange Commission
304:"David Lichtenstein | Lightstone Group"
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550:Brown, Mariah (29 October 2019).
472:Nadgir, Santosh (Jun 15, 2009).
498:Emery, Chelsea (Jul 20, 2010).
351:Chittum, Ryan (July 20, 2005).
218:Metairie hotel in New Orleans.
257:debtor-in-possession financing
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614:Companies established in 1988
204:real estate investment trust
282:Affordable hotel investment
64:; 36 years ago
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524:Hals, Tom (Jun 20, 2013).
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170:with regional offices in
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391:Property Funds World, "
360:The Wall Street Journal
147:www.lightstonegroup.com
308:The Real Deal New York
35:Privately-held company
272:Centerbridge Partners
228:Extended Stay America
232:The Blackstone Group
222:Extended Stay Hotels
155:The Lightstone Group
17:The Lightstone Group
134:Number of employees
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81:David Lichtenstein
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243:. After the
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87:Headquarters
31:Company type
261:liquidation
98:Area served
45:Real estate
588:Categories
395:," 4/10/09
337:2021-01-05
313:2021-01-05
291:References
237:bankruptcy
216:TownePlace
176:New Jersey
172:California
115:California
103:New Jersey
249:liquidity
162:in 1988.
188:Michigan
184:Illinois
180:Maryland
138:Over 570
127:New York
123:Michigan
111:Illinois
107:Maryland
41:Industry
556:Globest
535:Dec 20,
530:Reuters
509:Dec 20,
504:Reuters
483:Dec 20,
478:Reuters
454:Dec 18,
447:Reuters
426:Dec 18,
143:Website
77:Founder
67: (
59:Founded
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561:1 May
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190:and
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