Sam Chang buys Holiday Inn Express ground lease

Developer of 11-story property on West 48th Street had been paying rent

532-540 West 48th Street in Midtown (Inset: Sam Chang)
532-540 West 48th Street in Midtown (Inset: Sam Chang)

Hotel developer Sam Chang acquired the ground lease at the site of the Holiday Inn Express at 532-540 West 48th Street for $16.5 million.

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The pension fund for UFCW Local 174, a union that represents food industry employees, sold the land underneath the property between 10th and 11th avenues, Crain’s reported. Chang opened the 177-room, 11-story hotel operated by InterContinental Hotels Group last year.

Prior to the sale, Chang of McSam Hotel Group paid rent under a 99-year ground lease. Douglas Elliman commercial brokers Adam Sforno and Louis Puopolo had the listing. [Crain’s]Mark Maurer