Mcsam Hotel Group, led by Sam Chang, has secured $120 million in financing for the construction of a 25-story, 520-key Hyatt Place Hotel at 350 West 39th Street. Eastern Consolidated’s Capital Advisory Division arranged the loan which includes a $95 million first mortgage with Bank of the Ozarks, and $25 million of preferred equity with Square Mile Capital Management. The 180,000 sqf property will feature 125-feet of frontage along 39th Street and will be the only Hyatt Place-branded hotel in the Times Square area. Chang is one of the largest hotel developers in the New York City, with over 70 completions under its best.
“With a revitalized theater district, thriving hospitality industry, and constantly improving retail, the Times Square area is a magnet for tourists,” said Adam Hakim, Managing Director Eastern Consolidated. “New York City hosted a record 60.3 million visitors last year, which boosted the city’s hotel occupancy rate to an average 90.1 percent, and more visitors are expected this year.”
