Reunited and it feels so good: Sam Chang buys back Midtown hotel

Developer pays $29M for Comfort Inn he built at 548 West 48th Street

TRD New York /
Jan.January 12, 2018 02:55 PM

Sam Chang and 548 West 48th Street (Credit: Choice Hotels)

Sam Chang bought back a Midtown West hotel he developed and sold in 2010. The head of McSam Hotel Group is paying $29.2 million for the Comfort Inn at 548 West 48th Street, property records show.

M&R Hotel Management appears to be the seller. The company could not immediately be reached for comment.

Chang said he made the buy because surging construction costs make new development less appealing. “I just can’t build a hotel for (the price) I’m buying it for,” he said.

The nine-story building, which sits between 10th and 11th avenues, has 89 rooms. Chang paid $6.6 million to acquire the property — then an auto parts store — back in 2007.

Chang recently landed a $185 million Deutsche Bank loan for another Midtown hotel project.


Related Articles

arrow_forward_ios
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
CEO Andrew Florance (Credit: CoStar via YouTube)

CoStar buying Ten-X for $190M

CoStar buying Ten-X for $190M
Small landlords, such as Jan Lee, a New York landlord who owns two buildings, say Wall Street players will take their place unless rent relief comes soon. (Credit: Twitter; background via BRYAN R. SMITH/AFP via Getty Images)

Small landlords call for rent relief package, fearing Wall Street takeover

Small landlords call for rent relief package, fearing Wall Street takeover
Cohen Brothers Realty president and CEO Charles Cohen and Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler

Hear from billionaire Charles Cohen on today’s TRD Talk

Hear from billionaire Charles Cohen on today’s TRD Talk
Northwind's Ran Eliasaf

Northwind Group launches $220M debt fund focused on NYC

Northwind Group launches $220M debt fund focused on NYC
(Credit: iStock, Pixabay)

NY bill would let businesses take temperatures, refuse entry

NY bill would let businesses take temperatures, refuse entry
arrow_forward_ios

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

Loading...