Sam Chang Scores $35M for Times Square Marriott Hotel Project
By Celia Young February 17, 2023 3:01 pm
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An entity tied to hotel developer Sam Chang landed $35 million in financing for his Marriott SpringHill hotel project at 223 West 46th Street, according to property records made public Friday.
State Bank of Texas provided the debt, which included a $20 million gap mortgage and consolidated $15 million in two previous loans from lender Silver Point Finance, according to property records.
Chang scored the financing as his Gene Kaufman Architects-designed Times Square hotel nears completion.
McSam Hotel Group broke ground on the 200-key hotel in 2020 and landed $15 million in building and project loans from Silver Point Finance in 2021 for the development, according to New York Yimby and property records.
McSam Hotel Group began to wrap up construction on the 20-story property’s facade in January and will likely finish the hotel this spring, New York Yimby reported. The building has not yet received its temporary certificates of occupancy, according to New York City Department of Buildings records.
The Marriott is one of a handful of Chang’s hotel projects in New York City. Others include a massive, under-construction hotel at 150 West 48th Street and the recently opened Le Méridien at 292 Fifth Avenue.
Representatives for Chang and the State Bank of Texas did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
