David Lichtenstein
Encyclopedia
David Lichtenstein is the CEO of The Lightstone Group
, which he founded in 1988 and it one of the largest privately held real estate
companies in the United States. Lichtenstein directs all aspects of the acquisition, financing and management of a diverse portfolio of multi-family apartments, in addition to office, lodging, retail and industrial property in 27 states, the District of Columbia and Puerto Rico.
The company, headquartered in New York City, ranks among the top 25 largest real estate companies in the United States , and employs approximately 1,150 staff and professionals. The Lightstone Group also has regional offices in New Jersey, Maryland and Illinois.
The Lightstone Group also owns Extended Stay Hotels
, the largest, mid-price extended-stay hotel company in the United States, with 687 hotels and approximately 76,000 rooms located in 44 states and Canada. The company currently operates under five brands in the extended-stay segment: Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland. On June 15, 2009 Extended Stay Hotels
filed for bankruptcy protection. In addition to the loss of Lichtenstein's initial investment, the bankruptcy filing possibly triggered a clause in Extended Stay's financing documents that would require a personal liability payment by Lichtenstein of $100 million. However, Lichtenstein was able to negotiate an indemnification for the $100 million liability from the companies lenders in exchange for giving up control of the company.
In October 2008, the Lightstone Group turned over two malls to the lender; Macon, Ga and Burlington Square, NC. Shortly after defaulting on these two malls, four additional malls were turned over to the lender Martinsburg Mall in Martinsburg, W. Va.; Mount Berry Square Mall in Rome, Ga.; Shenango Valley Mall in Hermitage, Pa.; and Bradley Square Mall in Cleveland, Tenn.
In December 2009 Lightstone Group LLC, announced that it is selling Prime Outlets to Simon Property Group Inc. for $700 million in cash and the assumption of $1.6 billion in debt. The price tag reflects a significant increase from what Lightstone paid for Prime in 2003: $115 million in cash and the assumption of $523 million in debt."Buying Prime Outlets Inc. in 2003 was one of the best investments that New York investor David Lichtenstein ever made. Now selling the chain of outlet centers is giving him the cash to bail himself out of his worst deal ever."
The Lightstone Group is based in Ocean County, N.J.
The Lightstone Group
The Lightstone Group 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...
, which he founded in 1988 and it one of the largest privately held real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
companies in the United States. Lichtenstein directs all aspects of the acquisition, financing and management of a diverse portfolio of multi-family apartments, in addition to office, lodging, retail and industrial property in 27 states, the District of Columbia and Puerto Rico.
The company, headquartered in New York City, ranks among the top 25 largest real estate companies in the United States , and employs approximately 1,150 staff and professionals. The Lightstone Group also has regional offices in New Jersey, Maryland and Illinois.
The Lightstone Group also owns Extended Stay Hotels
Extended Stay Hotels
Extended Stay Hotels is a privately owned hotel brand that operates in the extended stay hotel market. The company is headquartered in Spartanburg, South Carolina....
, the largest, mid-price extended-stay hotel company in the United States, with 687 hotels and approximately 76,000 rooms located in 44 states and Canada. The company currently operates under five brands in the extended-stay segment: Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland. On June 15, 2009 Extended Stay Hotels
Extended Stay Hotels
Extended Stay Hotels is a privately owned hotel brand that operates in the extended stay hotel market. The company is headquartered in Spartanburg, South Carolina....
filed for bankruptcy protection. In addition to the loss of Lichtenstein's initial investment, the bankruptcy filing possibly triggered a clause in Extended Stay's financing documents that would require a personal liability payment by Lichtenstein of $100 million. However, Lichtenstein was able to negotiate an indemnification for the $100 million liability from the companies lenders in exchange for giving up control of the company.
In October 2008, the Lightstone Group turned over two malls to the lender; Macon, Ga and Burlington Square, NC. Shortly after defaulting on these two malls, four additional malls were turned over to the lender Martinsburg Mall in Martinsburg, W. Va.; Mount Berry Square Mall in Rome, Ga.; Shenango Valley Mall in Hermitage, Pa.; and Bradley Square Mall in Cleveland, Tenn.
In December 2009 Lightstone Group LLC, announced that it is selling Prime Outlets to Simon Property Group Inc. for $700 million in cash and the assumption of $1.6 billion in debt. The price tag reflects a significant increase from what Lightstone paid for Prime in 2003: $115 million in cash and the assumption of $523 million in debt."Buying Prime Outlets Inc. in 2003 was one of the best investments that New York investor David Lichtenstein ever made. Now selling the chain of outlet centers is giving him the cash to bail himself out of his worst deal ever."
The Lightstone Group is based in Ocean County, N.J.
External links
- David Lichtenstein (Linked In Profile)