Concord Hospitality Buys Cambria Hotel in Chelsea for $48M
By Celia Young March 24, 2023 1:01 pm
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Concord Hospitality bought the 135-key Cambria Hotel New York it operates in Chelsea for $48.4 million, according to property records made public Friday.
We Care Trading Co. Ltd sold the 18-story building at 123 West 28th Street in a transaction that closed March 13, PincusCo first reported.
Concord landed $33 million in debt from Western Alliance Bank to refinance a handful of previous loans We Care took out on the property, along with securing a $4.9 million gap mortgage, according to property records.
We Care has owned the building between Avenue of the Americas and Seventh Avenue since 1994 and partnered with Choice Hotels and Concord to open the 56,500-square-foot hotel in 2015, Real Estate Weekly reported. It was We Care’s first hotel project at the time, after the company transitioned away from its manufacturing business.
The Chelsea property was also the first Cambria-branded hotel Choice set up in New York City. Choice spent around $141 million to develop the location along with two others in the state, according to Choice and Real Estate Weekly.
Spokespeople from Concord, Choice and Western Alliance did not immediately respond to requests for comment. We Care Trading could not immediately be reached for comment.
It was not immediately clear who brokered the sale or provided financing.
Celia Young can be reached at cyoung@commercialobserver.com.
