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The New York Observer

McSam Unloads Yet Another Hotel Onto Voracious Magna Hospitality

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October 27, 2008 | 11:03 a.m.

Sam Chang has sold Hampton Inn Empire State Building, at 57 West 35th Street, for $46 million, according to city records.

Mr. Chang purchased the development site in 2006 for $13.3 million.

The Hampton Inn, well situated between Fifth and Sixth avenues, near Herald Square, is just the latest McSam hotel to fall into the hands of the Rhode Island-based Magna Hospitality Group.

Earlier this fall, Mr. Chang sold Magna his new Holiday Inn Manhattan Hotel in Chelsea for $66 million. And earlier this year, he sold the firm 8 Stone Street in the Financial District, 60 West 36th Street and 231 East 43rd Street.

If these trades are any indication, Mr. Chang appears to be trying to restructure his finances. In April, the elusive Mr. Chang told Crain's New York Business that, “The tightening credit market is slowing me down.

“Right now, we are playing defense, trying to finish what we have in the pipeline."

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