Sam Chang unloads two hotels as selling spree continues
Developer gets $166M for 350 West 39th Street, $69M for 100 Greenwich Street
Hotel developer Sam Chang has been on a selling spree.
Two hotels developed by his McSam Hotel Group have just been sold: 350 West 39th Street in the Garment District hotel for $166 million — Chang’s biggest sale since the onset of the pandemic — and 100 Greenwich Street, to Concord Hospitality for $69 million.
The buyer of 350 West 39th Street is not clear, but was represented by attorney Gregory Weingart from the Pittsburgh office of law firm Eckert Seamans. Weingart also represented a buyer of a Chang hotel at 140 West 28th Street last October. That newly completed hotel sold for $147 million.
The deals follow other sales by the prolific hotel builder. In June, Chang transferred majority ownership of the 320-key hotel at 525 Eighth Avenue. In that deal, Chang along with two other investors transferred 70 percent of the hotel’s leasehold interest, valued at $47.4 million, to NY 8th Ave Investor, a limited liability company registered in Delaware.
And in December, 338 West 39th Street went for $31.5 million to New Jersey-based real estate firm Ivy Realty.
Chang, who is known for building budget hotels, previously signaled plans to retire, only to keep on doing deals. In a Wall Street Journal interview, he estimated that McSam Hotel Group has opened 70 hotels over the past two decades.
Neither Chang nor the buyers responded to requests for comment.