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Debt & Equity

Sam Chang closes $83M refi for Times Square Holiday Inn

Sam Chang’s McSam Hotel Group has secured an $83 million Deutsche Bank loan for the Holiday Inn NYC Times Square South, according to records filed with the city.

Photo via IHG.com
Photo via IHG.com

The property, located at at 585 Eighth Avenue, is a 271-key hotel that Chang developed with Philadelphia-based REIT Hersha Hospitality Trust. Chang was able to add 25 extra rooms to the hotel by creating a 2,200 s/f landscaped public plaza.

The 35-story, 103,100 s/f building was designed by Gene Kaufman Architects. When the hotel opened in 2015, it was the eighth Gene Kaufman-designed hotel on the block. Chang bought the site from Hersha for $19.3 million in 2012. The new mortgage replaces an $80 million loan, also from Deutsche Bank.

Chang has been actively expanding his Manhattan portfolio. Last January, he acquired Club Quarters Wall Street at 52 William Street for $95 million. He also bought a development site at 292 Fifth Avenue in Koreatown for $42.4 million. Chang told the Commercial Observer that he plans to open a 20-story, four-and-a-half star hotel at the location.

Deutsche Bank declined to comment on the deal.

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