Sam Chang Buys A LaGuardia Airport Site For $37.6M In Cash
Last week, Sam Chang’s McSam Hotel Group acquired a conversion site at 37-10 114th St in an $37.6M all-cash transaction.
The 227k buildable SF site currently houses the eight-story, 214-key Holiday Inn LaGuardia Airport, which the seller, hotelier Michael Pomeranc, purchased in 1999, The Real Deal reports.
Within close proximity to Hinton Park, CitiField, Flushing’s retail corridor, the LaGuardia Airport and a 7 train line station, the 118k SF hotel featured a pool, an exercise facility, event spaces and 86-parking spots.
Valued at $165/BSF, the deal—one of the largest redevelopment site sales in Queens’ Corona neighborhood—was brokered by Cushman & Wakefield’s Stephen Preuss, who said that the deal represented the expansion of the mega-development wave current hitting Flushing. McSam received a $21M loan from Maxim Capital Group.
This isn’t the Great Neck-based hotel group’s first foray in to airport hotels, already owning five around JFK, with a sixth on the way from McSam’s partnership with Marriott to build five ground-up hotels across the city.
LaGuardia has attracted a lot of development, with hospitality research firm STR projecting more 50 new hotels opening in Queens by 2019. We earlier reported that the LaGuardia Airport Hotel in East Elmhurst is being redeveloped into a 93-room IBIS Styles Hotel and a 148-room Aloft Hotel.[TRD]