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
    Ben Hakimian and Naveen Shah of Navika Capital Group (Navika Group of Companies, LoopNet, iStock, KSU)
    Hakimian sells hotel at 75 Wall Street
    Hakimian sells hotel at 75 Wall Street
    The home to th Oriental Mandarin Hotel at Columbus Circle (Google)
    Mandarin Oriental NY majority stake sells for $98M
    Mandarin Oriental NY majority stake sells for $98M
    Midtown DoubleTree sells at staggering loss
    Midtown DoubleTree sells at staggering loss
    Midtown DoubleTree sells at staggering loss
    6R Capital Realty's Shai Shamir with 70-74 Warren Street (left) and 80-88 West Broadway (IAC, Google Maps)
    As Brack Capital shutters in NY, former CEO bets on Tribeca
    As Brack Capital shutters in NY, former CEO bets on Tribeca
    45 West 81st Street (Google Maps)
    Shuttered Excelsior Hotel sold for $80M
    Shuttered Excelsior Hotel sold for $80M
    NYC hotel property taxes skyrocketed to 30% of revenue: report
    NYC hotel property taxes skyrocketed to 30% of revenue: report
    NYC hotel property taxes skyrocketed to 30% of revenue: report
    New York City hotel occupancy hit pandemic record, but new cases loom
    New York City hotel occupancy hit pandemic record, but new cases loom
    New York City hotel occupancy hit pandemic record, but new cases loom
    Manhattan Borough Board approves Radson’s slaughterhouse towers
    Manhattan Borough Board approves Radson’s slaughterhouse towers
    Manhattan Borough Board approves Radson’s slaughterhouse towers
    arrow_forward_ios

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

    Loading...