Chang sells Midtown South hotel for $46M

TRD New York /
Oct.October 27, 2008 12:23 PM

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. 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
From left: SL Green CEO Marc Holliday, Ceruzzi Properties’ Arthur Hooper, the Lipstick Building at 885 Third Avenue and IRSA president Eduardo Elsztain (Getty, Wikipedia, Google Maps)

Lipstick Building ground rent reset leads to appraisal dispute

Lipstick Building ground rent reset leads to appraisal dispute
Knotel CEO Amol Sarva (Sasha Maslov, iStock)

Knotel’s Q2 revenue plunged 20%

Knotel’s Q2 revenue plunged 20%
Heirs unapparent: How RE firms plan — or don’t — for futures without the founder

Heirs unapparent: How RE firms plan — or don’t — for futures without the founder

Heirs unapparent: How RE firms plan — or don’t — for futures without the founder
Ziel Feldman (iStock)

HFZ Capital launches new fund for REIT investing

HFZ Capital launches new fund for REIT investing
Privacy is the newest amenity

Privacy is the newest amenity

Privacy is the newest amenity
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...