March 3, 2024

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Developer Sam Chang sells Midtown lodge project for $31.5M

Associates for Barone Administration and Ivy Realty did not answer to requests for remark. The McSam Resort Team declined to remark.

The Pestana Resort Group is a Portuguese hospitality enterprise with resorts in Europe, Africa, South America and North The united states. It at the moment has one lodge in New York at 23 E. 39th St., in accordance to the firm’s web page.

Chang formerly offered his Marriott venture at 140 W. 28th St. in Chelsea to the Phoenix Hospitality Group in Oct for more than $147 million. He has built dozens of lodges in New York in excess of the past number of several years and proven himself as a single of the city’s most active lodge builders, focusing on comparatively low-priced choices geared towards visitors.

The pandemic has been devastating for the city’s hospitality market. A recent report from the Lodge Association of New York Town uncovered that only 50 % of resort owners and basic professionals consider the industry will recover and that about 200 hotels in the metropolis experienced both quickly or forever closed as of late September. Occupancy throughout the second quarter of the year was down 58.5% as opposed to the second quarter of 2019, although the normal earnings for every readily available space was down 82% year more than year.

But a smattering of real estate action close to hotels has taken place regardless of the pandemic. Genting Group nonetheless programs to open a $400 million Hyatt Regency at the Resorts Planet Casino near Ozone Park in early 2021, and ICG Hospitality and 7G Realty opened a swanky 53-area lodge on Rockaway Beach before this year. A organization joined to the Magna Hospitality Team also obtained the Embassy Suites by Hilton at 60 W. 37th St. from Ashford Hospitality Rely on previously in the yr for about $115 million.