Sam Chang Picks Up Club Quarters Hotel Wall Street for $95M
Chang’s McSam Hotel Group sealed a $95 million deal yesterday for the 289-key Club Quarters Hotel Wall Street at 52 William Street at Pine Street, Chang told Commercial Observer. The acquisition was funded with a $60 million loan from Aareal Capital Corporation and a $12 million loan from NorthStar Realty Finance.
“We bought two in Midtown,” Chang said. “We like it so much we bought a third Downtown.” He added: “We like the concept. It’s a steady cash flow.”
The 20-story hotel is 119,467 square feet and was erected in 1901, according to CoStar (CSGP) Group. Rockwood purchased it in July 2006 for $92.1 million, property records indicate. The Bailey Pub & Brasserie occupies a 10,700-square-foot retail space in the hotel.