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Developers of a planned Marriott micro-unit hotel got millions from a New York-based REIT to get going.
Lightstone Value Plus REIT has pumped $20M toward the development of Marriott Moxy hotel at 915-955 Washington Ave on Miami Beach, home of the former Lee Ann Drugs store. In turn, Lightstone will develop the 205-room micro-room hotel brand described by Marriott as "vibrant" and "stylish" all within a "cozy" 183 SF per room (such as this one in Milan, Italy).
The Moxy brand was launched by Marriott in 2014 and offers cheaper room rates with keyless entry, a bar and is done "at a cost-to-build that is very easy to digest," according to its website. Lightstone has already funded $6.5M toward the project.
The developer remains unidentified. The Miami Beach project is part of a larger $2B plan by Lightstone to invest in Millennial-appealing hotel brands.
