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Sam Chang sells hotel in Chelsea for $147M
531-key property tied for largest hotel under construction in 2019
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.