McSam sells three Midtown hotel sites

TRD New York /
Mar.March 27, 2008 02:32 PM

Sam Chang’s McSam Hotel Group has sold three Midtown hotel sites: 60 West 36th Street for $16.22 million; 305 West 39th Street for $24.64 million; and 231 East 43rd Street for $24 million. The Comfort Inn at 305 West 39th Street sold to Gemini Real Estate Advisors. The sites at 60 West 36th Street and 231 East 43rd Street, where Chang had planned to build hotels were purchased by a subsidiary of Magna Hospitality Group.

The 80-room Comfort Inn at 305 West 39th Street, which opened in November, is one of six Gene Kaufman-designed hotels Chang is building on a single block. The others are: a four-star, $110 million, extended stay Homewood Suites (a Hilton brand) at 311 West 39th Street (now a large pit); a likely Hampton Inn at 337 West 39th Street; a Candlewood Suites at 339 West 39th Street; a Holiday Inn Express at 343 West 39th Street; and a full-service Holiday Inn at 588 Eighth Avenue.

The hotel site at 60 West 36th Street, between Fifth and Sixth avenues, is directly behind another one Chang is building on West 35th Street.

Last month, McSam sold two unfinished hotels to Rhode Island-based Magna Hospitality Group. The first was 505-513 West 43rd Street, the site of a planned 198-room budget hotel, which Magna bought for $42 million. That property, near 10th Avenue, was not due to be completed until mid-2009. The second sale was a Sheraton Hotel being built at 370 Canal Street that Magna bought for $83.5 million. The 20-story, 360-room hotel is slated to be completed this year. TRD

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