Sam Chang just landed $83 million to refinance a Holiday Inn in Times Square.
Deutsche Bank provided the loan, which replaces an earlier one that the bank provided in 2015 totaling $80 million, according to documents filed with the city’s Department of Finance. Chang opened the 35-story hotel at 585 Eighth Avenue in 2015.
The hotel developer purchased the Holiday Inn site in 2012, paying Philadelphia-based hotel real estate investment trust Hersha Hospitality Trust for $19.25 million for the property. A three-story building was demolished on the site to make way for the hotel, which was designed by a frequent collaborator of Chang’s, Gene Kaufman.
Chang was not immediately available on Friday to discuss the new loan.
Chang’s McSam Hotel Group is also in the process of developing a 175-key Pastana Hotel at 338 West 39th Street, along with Barone Management. In March, Chang snagged a $120 million debt-and-equity package for His Hyatt Place hotel in the Garment District.