Han’s Holding Group Sells Chelsea Hilton Garden Inn for $50M
By Isabelle Durso March 4, 2025 1:12 pm
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International real estate developer Han’s Holding Group has offloaded a hotel in Chelsea for $49.9 million, according to city records made public Tuesday.
Han’s Holding, through the entity Han’s 28 Hospitality, sold the 169-key Hilton Garden Inn New York/Manhattan-Chelsea at 121 West 28th Street to Raymond Chau, who used the entity Hammertime W28 Street, records show. Peter Wu signed for the seller, while Chau signed for the buyer.
It’s unclear who brokered the deal. A spokesperson for Han’s Holding did not immediately respond to a request for comment, while Chau could not be reached for comment.
The $49.9 million sale is a drop from the $53.8 million Han’s Holding paid for the hotel in July 2016, property records show.
And in August, Han’s Holding secured a $24 million loan from Citibank to refinance the property, replacing a previous $31.7 million loan from the same lender, PincusCo reported.
It’s unclear what Chau’s exact plans are for the hotel between Avenue of the Americas and Seventh Avenue, which spans 71,500 square feet.
The news comes amid a string of recent hotel deals in New York City.
That includes hotelier Sam Chang’s sale of a 201-key hotel in Queens near John F. Kennedy International Airport for $42 million and Manga Hotels’ purchase of the 160-key SoHo 54 Hotel for $56 million.
Isabelle Durso can be reached at idurso@commercialobserver.com.
