Hersha buys Chang’s new Water St. hotel

Sam Chang and the Holiday Inn Express at 126 Water Street

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Hotelier Sam Chang has unloaded the Holiday Inn Express at 126 Water Street in Lower Manhattan for $36.7 million, Real Estate Weekly reported. The buyer was a subsidiary of Hersha Hospitality, for which this will be the 15th hotel in New York City. Chang, who runs the McSam Hotel Group, had purchased the property for $9.5 million in 2005 when it was a two-story retail and restaurant space. The 26-story, 112-room hotel that now stands in its place was completed during the summer of 2010, but by November, the property had been hit with a lis pendens, which marks the beginning of the foreclosure process. [REW]