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Acquisitions

Magna Hospitality buys 338 West 36th Street

Deutsche Bank provided the debt

Rendering of 338 West 36th Street (Credit: Gene Kaufman Architect)

Robert Indeglia’s Magna Hospitality Group has acquired 338 West 36th Street from Sam Chang’s McSam Hotel Group for for $274.3 million. The newly built Garment District hotel spans 197,027 square feet, and contains 576 rooms.

Worth Noting: The hotel will operate under two separate Marriott flags: a 286-key Marriott Fairfield Inn & Suites, and a 280-key Marriott SpringHill Suites, TRD reported.

Acquisition financingDeutsche Bank provided a $185 million refinanced loan to Magna, according to TRD and CO.

Be Smart: This is the second deal between the two parties this year… Magna paid Chang $113 million for the under-development hotel at 140 West 24th Street in January.

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