S
am Chang's hotel empire continues to shrink as his McSam Hotel Group sold the 15-story Holiday Inn Express at 232 West 29th Street in Chelsea to private equity firm Prospect Ridge for $59.8 million. The buyer is paying over $262,000 per key for the 228-room hotel, with a mortgage from First Citizens Bank and Trust covering 85% of the purchase price.

    The seller's ownership structure is opaque, but records link it to Chang and Malaysia-based KSL Group through Brisam Group. This sale marks at least Chang's eighth since 2021, as he dismantles his empire in response to tightening development rules. Prospect Ridge has a diverse portfolio across multifamily, industrial, hospitality, office, and student housing sectors.

    Chang built a reputation as one of New York's most prolific hotel developers but is now steadily selling off properties. Recent sales include a 142-key property in Long Island City for $40 million and three hotels along Fifth Avenue in Midtown Manhattan for over $200 million combined.