LIGHTSTON

Lightstone: how much of the Moxy value is actually accessible after minorities and secured debt

Moxy has become large enough to matter to the Lightstone story, but on a year-end 2025 bridge only about $191.9 million of the $799 million gross hotel value remains for Lightstone at the hotel layer after secured debt and minorities, and before unsecured debt and corporate over…

Follow-up

Lightstone: Spartanburg, a real power advantage that still is not an income-producing asset

Spartanburg gives Lightstone a real infrastructure edge, but until a lease is signed and phase-two development is handled with capital discipline it should be read as powered land with option value rather than as an income-producing asset.

Follow-up

Lightstone after Series Z: how much room is left for the 2026 refinancing cycle

Series Z bought Lightstone time on the listed-bond side, but the 2026 refinancing cycle still depends mainly on extending or refinancing more expensive property debt.

Lightstone in 2025: the assets improved, but the story now runs through the cost of funding

2025 showed that Lightstone can expand and improve its portfolio, but 2026 will be judged on whether new NOI from hotels, commercial assets, and post-balance-sheet lease-up turns into credit protection rather than just higher reported profit.