The Real Deal New York

Chang sells Midtown South hotel for $46M

October 27, 2008 12:23PM
By Adam Pincus

Sam Chang’s McSam Hotel Group and partners sold a recently opened Hampton Inn hotel at 59 West 35th Street in Midtown South for $46.34 million.

McSam Group and partners bought the property near the Empire State Building in 2005 for $13.25 million and sold it on October 16, according to property records posted today.

The 146-unit hotel also opened on October 16. The purchase and sale agreement was executed two years ago, with the title to transfer on the hotel’s opening, McSam chief operating officer Gary Wisinski wrote in an e-mail. He would not identify the buyer, citing a confidentiality agreement.

The buyer was a company called MMG-35 LLC, which has an address at Rhode Island-based hotel management and development firm Magna Hospitality Group, the records showed. Magna has bought at least six other McSam hotels in the last seven months.

Prices at the hotel vary depending on availability, but rooms are being offered in a range between $209 and $359 over the next several months, a booking agent said. 

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