David Lichtenstein

This article is about the businessman. For the dancer and choreographer David Lichine (born Lichtenstein), see David Lichine.

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^{[citation needed]}.

The company, headquartered in New York City, ranks among the top 25 largest real estate companies in the United States^{[citation needed]}, 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.^[1] 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.^[2]

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.^[3]

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." ^[4]

The Lightstone Group is based in Ocean County, N.J.^[5][6]

References

1. ^ Behind a Bankruptcy Brouhaha: Extended Stay Hits Snags as Creditors Cry Foul; Lichtenstein as 'Bad Boy'? The Wall Street Journal, June 24, 2009
2. ^ Key Investor Stands in Hotel Rubble. Wall Street Journal, June 16, 2009
3. ^ http://retailtrafficmag.com/features/reit_bankruptcy_threat_0205/index3.html
4. ^ - How Prime Outlets Sale Is Saving David Lichtenstein, Wall Street Journal, December 22, 2009
5. ^ http://www.nytimes.com/2004/01/04/realestate/commercial-property-becoming-a-retail-sector-player-with-a-single-deal.html?pagewanted=all
6. ^ http://www.accessmylibrary.com/article-1G1-119391707/deadline-late-news-kaufman.html

• Clip of David Lichtenstein on Bloomberg
• http://lightstonegroup.com/aboutus_ourteam_dlichtenstein.html

External links

• David Lichtenstein (Linked In Profile)

Persondata
Name	Lichtensetein, David
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Date of birth	1960
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