Sam Chang Takes $80M Loan on Times Square Holiday Inn
Danielle Balbi Nov. 3, 2015, 4:04 p.m.
The 271-room hotel, which is located at 585 Eighth Avenue between West 38th and 39th Streets, opened in October. Mr. Chang, president and chief executive officer of the Great Neck, N.Y.-based McSam Hotel Group, purchased the site for $19.3 million in 2012, public records indicate.
The new loan, which closed on Oct. 28, replaces nearly $40 million in financing provided by Bank of the Ozarks in 2014, and provides an additional $40 million in debt, according to loan documents.
Mr. Chang has been extremely busy on the hotel front, with eight hotels currently under construction, he told Commercial Observer in October. The hotelier also has $700 million of hotel projects under development and three hotels he is constructing for other owners.
“I have to tell you my record one time, back in spring of 2008, we had 22 hotels under construction at one time,” he said at the time. “This is not my record.”
A representative for Deutsche Bank declined to comment. A representative for McSam Hotel Group did not respond to inquires by time of publication.