Philadelphia-based real estate investment trust Hersha Hospitality Trust has acquired the Hilton Garden Inn Midtown East in Manhattan from developer Sam Chang for $85.3 million, according to The Real Deal. The sale comes less than a week after the 205-room property opened.
Chang told The Real Deal the deal has been in contract with Hersha for about two years. But the closing was set to be timed with the official launch of the hotel at 206 East 52nd Street near Third Avenue.
In 2006, Chang, head of the McSam Hotel Group, paid only $5.8 million for a vacant lot and proceeded to develop it.
No brokers was involved in the sale.
Hersha has worked with Chang before, The Real Deal adds, when it paid $28.7 million for 32 Pearl Street and $104.1 million for the Hyatt Union Square hotel at 132 Fourth Avenue.