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Magna Hospitality Group pays $113M for Chelsea hotel project

Developer will continue construction started by McSam Hotel Group

Rendering of hotel at 140 West 24th Street (Credit: McSam Hotel Group)

Magna Hospitality Group has acquired a Chelsea hotel project at 140 West 24th Street from Sam Chang’s McSam Hotel Group for $113 million. The M1-zoned site is located between Sixth and Seventh Avenues.

No change in plans… The buyer will continue the construction of a 510-key hotel, which will span 172,640 SF, according to TRD.

Worth Noting: The newly passed law requiring hotels in M1-zoned areas to undergo a full public review process does not apply in cases where construction has already begun. 

Flashback: Chang paid $61 million for the site in October 2017.

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