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Sam Chang Sells LIC Hotel for $40M
Sam Chang, known for his budget hotel developments, has sold a 142-key hotel at 38-04 11th Street in Long Island City for $40 million to a limited liability company linked to Jasmin Patel of Letap Group.
Chang acquired the site for $7.8 million in 2017 and secured a $16.5 million loan from Madison Realty Capital in 2018 for the project. He completed the hotel recently and entered into a contract with Letap in December 2022 to sell it.
Despite previously stating his intention to wind down his hotel business, Chang continues to take on new projects. In December, he sold three Midtown hotels for over $200 million. Letap, based in Long Island City, has developed other hotels in the city, including the Best Western Premier Herald Square at 50 West 36th Street.
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