Sam Chang’s latest buy? Two Club Quarters hotels for $155M

25 West 51st and 40 West 45th combine for 400 rooms

New York /
Aug.August 26, 2016 08:30 AM

Hotelier Sam Chang is adding to his Midtown portfolio, snapping up two Club Quarters hotels for $155 million.

Chang’s Great Neck-based McSam Hotel Group picked up Club Quarters Hotel at 25 West 51st Street near Rockefeller Center and Club Quarters Hotel Midtown at 40 West 45th Street from Rockwood Capital, the Commercial Observer reported. The hotelier will hold onto the hotels to benefit from their cash flows.

To finance the deal, Chang landed a $100.5 million senior loan from Aareal Capital Corporation and a $16.5 million mezzanine loan from NorthStar Realty Finance. JLL’s Jeffrey Davis brokered the sale and JLL’s Kevin Davis brokered the financing.

Earlier this week, Chang bought the Holiday Inn LaGuardia in Queens for $38 million.

The prolific hotel developer is also building a 28-story hotel at 338 West 36th Street that will feature two Marriott-brand hotels. In July, Chang landed a $115 million construction loan from Bank of the Ozarks for the project. [CO]E.B. Solomont


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