Sam Chang sells another hotel in Manhattan
Chang has been one of New York’s busiest hotel developers in recent years, generally focusing on budget options for tourists, and the Fairfield Inn is at least the city’s third hotel project he has. sold in about a year.
He sold another Marriott project at 140 W. 28th St. to the Phoenix Hospitality Group for over $ 147 million in October 2020, and he sold a Midtown hotel project at 338 W. 39th St. to Ivy Realty for $ 31.5 million in December.
The Fairfield Inn appears to be Concord Hospitality’s fourth hotel in the city. The company also owns hotels at 151 Maiden Lane in the Financial District and 123 W. 28th St., and it is also working on an AC hotel on Sixth Avenue in Midtown South, according to its website.
The Covid-19 pandemic has typically been devastating for New York’s hospitality industry, with more than 200 hotels closing or permanently closing as early June. In late June, C-III Capital Partners bought the Lexington Hotel in Midtown for around $ 175 million, barely half of the roughly $ 335 million seller DiamondRock Hospitality paid for the property in 2011.
But encouraging signs for the city’s tourism industry have started to emerge. Two top Midtown hotels that have been closed since the pandemic began are planning to reopen soon, along with the New York Hilton at 1335 Sixth Ave. preparing for an October 4th opening and the Grand Hyatt at 109 E. 42nd St. planning to open November 1st.
Events such as the recent United Nations General Assembly session and the US Open tennis tournament have drawn more tourists to the city. The city is expected to welcome 36.1 million tourists in total this year, according to NYC & Company, the city’s marketing organization.
This would be more than half of the 66.6 million tourists who visited New York in 2019.