Breaking News

Sam Chang sells Marriott Chelsea resort challenge for $147M

Reps for McSam declined to comment on the offer. Associates for the Phoenix Hospitality Team did not immediately respond to a ask for for comment.

Chang has proven himself as a person of the most lively hoteliers in New York in the latest a long time, setting up dozens of accommodations in the city around the previous two many years. He frequently has concentrated on spending budget options that cater to holidaymakers.

The pandemic has taken a wrecking ball to the city’s intertwined resort and tourism industries, which both equally very likely face very long streets to recovery. Some buyers are looking at ways to repurpose now-empty lodge properties into workplace and household place, and about 25% of New York hotels are predicted to close by 2023, industry experts say. Accommodations together with the AKA Wall Street and the W New York Downtown previously have shut down permanently.

But some hotel developers are forging forward with projects despite the pandemic. A organization connected to the Magna Hospitality Group bought Ashford Hospitality Trust’s Embassy Suites by Hilton at 60 W. 37th St. this yr for about $115 million, and Genting Team however options to open up its $400 million Hyatt Regency at the Resorts World Casino by Ozone Park in Queens early up coming yr. ICG Hospitality and 7G Realty recently opened up a swanky 53-area resort at Rockaway Beach front in Queens.