Sam Chang Buys Two Club Quarters Hotels From Rockwood Capital
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]