McSam turns to its partner

By David Jones | October 20, 2008 01:17PM

From the October issue: Over the past six months, McSam Hotel
Group has unloaded a half dozen of its New York development sites to
the Magna Hospitality Group, a small hotel investment and management
firm that is not that well known to many in the local real estate
community. Indeed, the firm — which is based in East Greenwich, R.I.
— has emerged as a key business partner to Sam Chang’s budget hotel
empire since entering the fray here in 2005. Its role is not just as a
willing investor that can pony up money to buy up development sites; it
has also carved out a niche as a reliable manager of many of McSam’s
new hotels.

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