Sam Chang unloads two hotels as selling spree continues

Developer gets $166M for 350 West 39th Street, $69M for 100 Greenwich Street

Sam Chang unloads two hotels as selling spree continues
350 West 39th Street, 100 Greenwich Street, and Sam Chang (Hyatt, Marriott)

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.

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Sam Chang and 140 West 28th Street (Gene Kaufman Architects)
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Sam Chang sells hotel in Chelsea for $147M
338 West 39th Street and Sam Chang (Photo via Google Maps)
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Sam Chang sells Garment District hotel site for $32M

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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.