Sam Chang's McSam Hotel Group Sells Three Manhattan Hotels For $206.5M
16 East 39th Street, 292 5th Avenue & 25 West 51st Street
$206,500,000
Building Size
—
Asset Type
Hotel
Closing
Dec 14, 2023
About this deal
AI
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.
On the Map
$206,500,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93