McSam sells West Side hotel site for $42 million

The McSam Hotel Group has sold a 20,000-square-foot lot at 505-513 West 43rd Street to Rhode Island-based Magna Hospitality Group for $42 million. The Hell’s Kitchen property, near 10th Avenue, is the site of a planned 198-room budget hotel that is not due to be completed until mid-2009, the Observer reports. Magna Hospitality Group manages some of Chang’s New York hotels.TRD