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.