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
    Hana Financial Investment’s Lee Jin-Kook and a rendering of 1 St. Marks Place (Hana Financial Investments)

    Hana Financial to sell loans tied to Manhattan office, hotel properties

    Hana Financial to sell loans tied to Manhattan office, hotel properties
    Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

    Extell makes its Diamond District hotel official

    Extell makes its Diamond District hotel official
    (iStock)

    Ski resorts gear up for tough season in the shadow of pandemic

    Ski resorts gear up for tough season in the shadow of pandemic
    Union Square and Mayor Bill de Blasio (Getty)

    City drops bid to require special permits for Union Square hotels

    City drops bid to require special permits for Union Square hotels
    Domio’s interim CEO Jim Mrha (Photos via Domio; iStock)

    Domio not shutting down, plans “financial re-engineering”

    Domio not shutting down, plans “financial re-engineering”
    Domio's CEO Jay Roberts and Chief Strategy Officer Adrian Lam (Photos via Domio)

    Short-term rental operator Domio shuts down

    Short-term rental operator Domio shuts down
    Hilton Times Square at 234 West 42nd Street and Roosevelt Hotel at 45 East 45th Street (Google Maps; Pixabay)

    New York hotel owners on the hook for $500M severance

    New York hotel owners on the hook for $500M severance
    454 East 148th Street and 5252 Kings Highway (Google Maps; Compass)

    Bulk co-op buy in the Bronx tops mid-market investment sales

    Bulk co-op buy in the Bronx tops mid-market investment sales
    arrow_forward_ios

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

    Loading...