The Real Deal New York

Sam Chang lands $83M refi for one of his Times Square hotels

The developer purchased the site at 585 Eighth Avenue in 2012
By Kathryn Brenzel | August 25, 2017 12:05PM

585 Eighth Avenue and Sam Chang

Sam Chang just landed $83 million to refinance a Holiday Inn in Times Square.

Deutsche Bank provided the loan, which replaces an earlier one that the bank provided in 2015 totaling $80 million, according to documents filed with the city’s Department of Finance. Chang opened the 35-story hotel at 585 Eighth Avenue in 2015.

The hotel developer purchased the Holiday Inn site in 2012, paying Philadelphia-based hotel real estate investment trust Hersha Hospitality Trust for $19.25 million for the property. A three-story building was demolished on the site to make way for the hotel, which was designed by a frequent collaborator of Chang’s, Gene Kaufman.

Chang was not immediately available on Friday to discuss the new loan.

Chang’s McSam Hotel Group is also in the process of developing a 175-key Pastana Hotel at 338 West 39th Street, along with Barone Management. In March, Chang snagged a $120 million debt-and-equity package for His Hyatt Place hotel in the Garment District.