Concord Hospitality sells shuttered Times Square hotel for $89M

Sale comes amid a string of Manhattan hotel deals, including Concord’s FiDi acquisition earlier this week

Mark Laport, CEO, Concord Hospitality; 30 West 46th Street (Concord Hospitality, Google Maps)
Mark Laport, CEO, Concord Hospitality; 30 West 46th Street (Concord Hospitality, Google Maps)

New York’s hotels may be in a depression, but some buyers are betting on an imminent recovery.

Days after acquiring a Financial District hotel from Sam Chang’s McSam Hotel Group for $69 million, Concord Hospitality has offloaded its 21-story hotel building at 30 West 46th Street for $88.5 million, according to public records filed Wednesday. The building most recently housed a 196-key Cambria Hotel, which is now permanently closed.

Concord bought the Times Square-adjacent plot in 2013 from Gary Barnett’s Extell Development for $30 million, building the hotel soon after. The 126,000-square-foot building stands just across 46th Street from a massive Diamond District assemblage pieced together by Extell.

The buyer’s identity remains a mystery. Some documents list the LLC care of Flaherty & O’Hara, a Pittsburgh law firm serving clients in the alcoholic beverage industry. Others point to the firm Arnold & Porter Kaye Scholer. The LLC’s signing member is Gregory Weingart, a Pittsburgh attorney who represented anonymous buyers in two other hotel purchases from McSam Hotel Group within the past year.

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It’s unclear whether the sales are related. Magna Hospitality Group, who public records reveal was at least one of the previously anonymous McSam buyers, did not return a request for comment.

The property carries a considerable amount of debt. In 2013, Concord took on two mortgages worth $46 million. In 2016, it consolidated the two with a third note, bringing its total debt to $61 million. On the same day it acquired the note, the new buyer assigned the mortgage to KSL Capital Partners, a Denver-based lender that works exclusively with travel and leisure businesses.

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Concord, which didn’t respond to a request for comment, owns hotels in 23 states, Washington D.C., and Canada, according to its website. Weingart declined to comment.

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