Sam Chang sells Hilton Garden Inn Midtown East for $85M

Sale to Hersha Hospitality comes less than a week after hotel on East 52nd Street opened

New York /
Jun.June 04, 2014 08:30 AM

Less than a week after the opening of the Hilton Garden Inn Midtown East, developer Sam Chang closed on the sale of the 85,000-square-foot hotel for $85.3 million, according to property records filed with the city yesterday. 

Chang told The Real Deal the deal has been in contract with the buyer, Philadelphia-based real estate investment trust Hersha Hospitality Trust, for about two years. But the closing was set to be timed with the official launch of the 205-room, 28-story hotel, located at 206 East 52nd Street near Third Avenue.

Back in 2006, Chang, who runs Great Neck, N.Y.-based McSam Hotel Group, paid a mere $5.8 million for a vacant lot and proceeded to develop it, records show. Gene Kaufman, a frequent collaborator of Chang’s, served as the architect.

No brokers were involved in either side on the deal, Chang said.

A spokesperson for Hersha Hospitality Trust could not be immediately reached for comment. In February, Hersha sold Hotel 373 at 373 Fifth Avenue for $37 million, as previously reported.

Hersha has worked with Chang before, when the trust paid $28.7 million for 32 Pearl Street and $104.1 million for the stalled Hyatt Union Square hotel at 132 Fourth Avenue.


Related Articles

arrow_forward_ios
79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
Residential dealmakers storm city’s investment sales market
Residential dealmakers storm city’s investment sales market
Sam Chang unloads two hotels as selling spree continues
Sam Chang unloads two hotels as selling spree continues
Sam Chang unloads two hotels as selling spree continues
Hopson Development Holdings, Silverback submit $320M Midtown East condo plan
Hopson Development Holdings, Silverback submit $320M Midtown East condo plan
Hopson Development Holdings, Silverback submit $320M Midtown East condo plan
550 Madison Avenue and Chubb Group CEO Evan Greenberg (Getty, 550 Madison)
Chubb Group negotiating 10-floor lease at Olayan’s 550 Madison Avenue
Chubb Group negotiating 10-floor lease at Olayan’s 550 Madison Avenue
429 East 52nd Street
Corporate tenants ride motorcycles in a Midtown high-rise: lawsuit
Corporate tenants ride motorcycles in a Midtown high-rise: lawsuit
Sam Chang and 525 Eighth Avenue
Sam Chang unloads Garment District hotel
Sam Chang unloads Garment District hotel
SL Green’s Marc Holliday and 711 Third Avenue. (SL Green)
Connecticut hedge fund takes 20K sf at SL Green’s 711 Third Avenue
Connecticut hedge fund takes 20K sf at SL Green’s 711 Third Avenue
Bolivar Development's Peter Fine and 401 West 218 Street. (Google Maps)
10 biggest new project filings in NYC
10 biggest new project filings in NYC
arrow_forward_ios

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

Loading...