The Real Deal New York

Chang closes on $165M sale of Times Square three-pack

February 23, 2010 06:38PM
By Adam Pincus

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From left: Sam Chang and the three hotels at 343, 339 and 337 West 39th Street, respectively

Prolific hotel developer Sam Chang sold a trio of attached hotels south of Times Square to Pennsylvania-based hotel owner Hersha Hospitality Trust for $164.5 million.

The three buildings at 337, 339 and 343 West 39th Street, between Seventh and Eighth avenues, were constructed together, but operate under different flags.

All three properties went into contract in November and closed Feb. 9, city property records published today show.

Hersha Hospitality raised $110 million for the purchase of the 184-room Hampton Inn at 337 West 39th Street which sold for $55.9 million and the 188-room Candlewood Suites at 339 West 39th Street for $50.8 million.

The third hotel, the 210-room Holiday Inn Express at 343 West 39th Street, sold for $57.8 million, city records indicate.

The final price was 17 percent below a $200 million contract price Chang, CEO of McSam Hotel Group, struck with another company 10 months ago, Chang said. But that deal collapsed last year.

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