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New York

Recession bumps back Chang’s retirement

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The CEO of the McSam Hotel Group, Sam Chang, says his loose plans to retire at age 50 next year will have to be bumped back because of the recession. In this week’s Webcast, the king of New York’s budget lodging told The Real Deal’s Jen Benepe that “it doesn’t look like I’m going to finish everything now with this financial crisis so I’m moving my target to 55 now [to] give myself five more years.” Chang, who filed plans last month with the city to build a new Hyatt Place hotel on East 52nd Street, also said he’ll pay for his smaller projects without financing and added Harlem to his list of poor hotel investment neighborhoods. To watch the full video click on the link below.