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Sam Chang's McSam Hotel Group Sells Three Manhattan Hotels For $206.5M
SOLD
$206,500,000
New York
See Similar DealsHotel
Sold 12/14/2023
SOLD
Sam Chang's McSam Hotel Group Sells Three Manhattan Hotels For $206.5M
16 East 39th Street, 292 5th Avenue & 25 West 51st Street
See Similar DealsHotel
Sold 12/14/2023
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Sale
The McSam Hotel Group, represented by Sam Chang, has sold three Manhattan hotel properties for a total of $206.5 million. The properties include the Hyatt at 16 East 39th St., the Marriott Le Meridien at 292 Fifth Ave., and the DoubleTree by Hilton at 25 West 51st St.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $206,500,000
- Address: 16 East 39th Street, 292 5th Avenue & 25 West 51st Street
- Market: Manhattan
- Seller: Sam Chang - McSam Hotel Group
In this deal, the Hyatt at 16 East 39th St. was sold for $51.3 million, the Marriott Le Meridien at 292 Fifth Ave. was sold for $76.5 million, and the DoubleTree by Hilton at 25 West 51st St. was sold for $78.9 million. These transactions mark the successful offloading of these Manhattan hotel properties by the McSam Hotel Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$11,013,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$733,650.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$978,915.35
Annual Debt Service$11,746,984.22
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