Just months after buying two Club Quarters hotels in Midtown, Sam Chang picked up a third in the Financial District.
The hotel developer paid $95 million for the Club Quarters Hotel Wall Street, the Commercial Observer reported. The seller, Rockwood Capital, bought the 20-story property at 52 William Street for $92.1 million in 2006.
The hotel, which was built in 1901, spans about 119,500 square feet. The Bailey Pub & Brasserie leases 10,700 square feet of retail space in the building.
Aareal Capital Corporation provided a $60 million loan, while NorthStar Realty Finance provided $12 million for the acquisition.
In August, Chang bought the Club Quarters Hotel at 25 West 51st Street near Rockefeller Center and Club Quarters Hotel Midtown at 40 West 45th Street from Rockwood Capital for a combined $155 million.
He has also filed plans to replace a one-story retail strip with a 252-key hotel at 523-529 Eighth Avenue, and is partnering with international lodging chain Marriott on five new, ground-up hotel projects across the city. [CO] — Miriam Hall