Magna Hospitality Group
McSam Unloads Yet Another Hotel Onto Voracious Magna Hospitality
Sam Chang has sold Hampton Inn Empire State Building, at 57 West 35th Street, for $46 million, according to city records.
Mr. Chang purchased the development site in 2006 for $13.3 million.
The Hampton Inn, well situated between Fifth and Sixth avenues, near Herald Square, is just the latest McSam hotel to fall into the hands of the Rhode Island-based Magna Hospitality Group.
Earlier this fall, Mr. Chang sold Magna his new Holiday Inn Manhattan Hotel in Chelsea for $66 million. And earlier this year, he sold the firm 8 Stone Street in the Financial District, 60 West 36th Street and 231 East 43rd Street. read more »
Sam Chang-Affiliated Chelsea Holiday Inn Trades for $66 M.
Sheesan Hotel LLC, an affiliate of economy hotel tycoon Sam Chang, has sold the new Holiday Inn Manhattan Hotel in Chelsea for $66 million to a Rhode Island-based hospitality group, according to records uploaded on Friday to a city Web site.
The buyer, MMG-26 LLC, affiliated with Magna Hospitality Group, closed on the 23-story, 226-room hotel, at 121 West 26th Street, on June 30.
This isn't the first time Mr. Chang has sold property to Magna. This year alone, he sold the Rhode Island firm 8 Stone Street in the Financial District, 60 West 36th Street and 231 East 43rd Street. read more »
