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Sam Chang Buys Two Club Quarters Hotels From Rockwood Capital
Club Quarters Website
McSam Hotel Group CEO Sam Chang has purchased two Midtown Club Quarters hotels—totaling 400 rooms—from Rockwood Capital for $155M.
The deal was negotiated by JLL’s Jeffrey Davis, with colleague Kevin Davis brokering financing for Chang, who plans to hold onto the hotels for their cash flow, a source told the Commercial Observer.
This financing included a $100.5M senior loan from Aareal Capital Corp and a $16.5M mezzanine loan from NorthStar Realty Finance. Both loans have three-year terms and two one-year extension options.
One of the hotels (left) sits at 25 West 51st St, across the street from Rockefeller Center, while the other (right) is only a few blocks away at 40 West 45th St. [CO]
