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$120M Funds Hyatt Place Construction
The McSam Hotel Group, led by Sam Chang, received a debt and equity package totaling $120 million. The proceeds are being used to finance construction of a 25-story, 520-key Hyatt Place Hotel at 350 W. 39th St.
“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 for Eastern Consolidated’s Capital Advisory Division, which arranged the financing.
The 180,000-square-foot hotel will feature 125 feet of frontage along 39th Street, and will be the only Hyatt Place-branded hotel in the Times Square area.
“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%, and more visitors are expected this year,” Hakim said.
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