Deutsche Bank Provides Sam Chang With $65M Refi for Long Island City Hotel
Chang opened the Springhill Suites New York Queens in 2023
By Brian Pascus October 28, 2024 4:59 pm
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Sam Chang’s McSam Hotel Group has secured a $65 million loan to refinance the Springhill Suites New York Queens, a 270-room hotel operated by Marriott in Long Island City.
PincusCo first reported the financing.
Deutsche Bank (DB) provided the refinancing through its Deutsche Bank Trust Company Americas, and Deutsche Bank Director David Addison and Vice President Daniel Eisenberg signed the loan documents, according to property records. Sam Chang signed for McSam Hotel Group.
Located at 38-39 Ninth Street in Long Island City, Queens, the Springhill Suites New York Queens opened in 2023 and was developed by Chang in coordination with M&R Management.
Chang originally envisioned a 324-key hotel on the site. He bought the property in June 2018 for $10.1 million, according to property records.
The Long Island City hotel features a fitness lounge and on-site parking. The hotel is near the Queensboro Bridge and is a short drive from nearby LaGuardia Airport.
McSam Hotel Group and Deutsche Bank did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
