Sam Chang sells hotel in Chelsea for $147M

531-key property tied for largest hotel under construction in 2019

New York /
Oct.October 26, 2020 04:41 PM
Sam Chang and 140 West 28th Street (Gene Kaufman Architects)

Sam Chang and 140 West 28th Street (Gene Kaufman Architects)

Sam Chang, one of the developers with the largest exposure to Manhattan’s struggling hospitality industry, sold a newly completed hotel in Chelsea for $147 million.

Chang’s McSam Hotel Group sold the 531-key property at 140 West 28th Street, property records filed with the city Monday show.

The identity of the buyer was not clear. The signatory on the documents is attorney Gregory Weingart from the Pittsburgh office of the law firm Eckert Seamans, whose website says he represents hospitality clients.

Weingart declined to comment on the identity of any potential clients he represented in the buy, and Chang did not return requests for comment.

The 46-story tower between Sixth and Seventh avenues was planned to be branded under the Marriott flags of TownePlace Suites and Springhill Suites.

Chang received a $121 million construction loan for the project in early 2018 from Bank OZK and Square Mile Capital Management.

The hotel was tied as the largest hospitality project under construction in 2019.





    Related Articles

    arrow_forward_ios
    From left: Värde Partners’ IIfryn Carstairs and Hawkins Way Capital’s Ross Walker along with 525 Lexington (Getty, Värde Partners, Hawkins Way Capital, Google Maps)
    Hawkins Way, Värde buy defunct Marriott East Side hotel
    Hawkins Way, Värde buy defunct Marriott East Side hotel
    Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
    Listen: Inside the looming distress across the hotel market
    Listen: Inside the looming distress across the hotel market
    Bob Ghassemieh, Ignazio and Maggio Cipriani, Mr. C Seaport at 33 Peck Slip (Getty, Mr. C Residences, Google Maps, Bob Ghassemieh)
    Mr. C Seaport hotel sold to South Korean operator for $60M
    Mr. C Seaport hotel sold to South Korean operator for $60M
    Hotel at Times Square heads to auction
    Hotel at Times Square heads to auction
    Hotel at Times Square heads to auction
    From left: Quadrum Development's Oleg Pavlov, Toby Moskovits, and Heritage Equity Partners' Michael Lichtenstein with the  96 Wythe Ave (Williamsburg Hotel, Getty)
    UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
    UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
    The Moinian Group’s Joseph Moinian with 37-10 and 37-20 114th Street
    Moinian sells dev site near LaGuardia for $50M
    Moinian sells dev site near LaGuardia for $50M
    From left: Vornado’s Steve Roth and Andrew Penson with 1601 Broadway
    Crowne Plaza Times Square Hotel owners file for bankruptcy
    Crowne Plaza Times Square Hotel owners file for bankruptcy
    From left: BD Hotels’ Richard Born and The Jane Hotel/JK Hotel Group’s Jeff Klein with the Jane Hotel (Smart Travel, Studio Scrivo)
    Jeff Klein buys Jane Hotel for $62M
    Jeff Klein buys Jane Hotel for $62M
    arrow_forward_ios

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

    Loading...