Sam Chang’s McSam Hotel Group has sold a newly completed hotel at 140 West 28th Street in Chelsea to an undisclosed investor for $147 million, according to the Real Deal. The 531-key property was planned to be branded under the Marriott flags of TownePlace Suites and Springhill Suites.
- Property details: The hotel spans 173,000 SF. Additional space in the tower will be occupied by a fitness center for hotel guests, meeting rooms, a dining room with an outdoor terrace, and two separate lobbies. The building will also contain a public arcade.
- Worth Noting: Chang received a $121 million construction loan for the project in early 2018 from Bank OZK and Square Mile Capital Management. [TRD]