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

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

TRD 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

Related Article

Sam Chang and 40 West 45th Street (Credit: Google Maps and iStock)

Sam Chang can now purchase 160 elite racing pigeons

Sam Chang with 62 Mulberry Street in Manhattan and 37-30 Review Avenue in Long Island City (Credit: Google Maps)

Here’s what the $10M-$20M NYC investment sales market looked like last week

Sam Chang (Credit: Chang via Alchetron; iStock)

Budget hotel developer Sam Chang is retiring — to focus on pigeon racing

A rendering of 338 West 36th Street and McSam Hotel Group chairman Sam Chang

Magna Hospitality picks up Sam Chang’s Garment District hotel for $274M

Sam Chang lands $160M rei for Hyatt Place hotel in Garment

Sam Chang in contract to sell Garment District hotel

Magna Hospitality buys Chelsea development site for $113M

Sam Chang plans another hotel in LIC