Sheesan Hotel LLC, an affiliate of economy hotel tycoon Sam Chang, has sold the new Holiday Inn Manhattan Hotel in Chelsea for $66 million to a Rhode Island-based hospitality group, according to records uploaded on Friday to a city Web site.
The buyer, MMG-26 LLC, affiliated with Magna Hospitality Group, closed on the 23-story, 226-room hotel, at 121 West 26th Street, on June 30.
This isn’t the first time Mr. Chang has sold property to Magna. This year alone, he sold the Rhode Island firm 8 Stone Street in the Financial District, 60 West 36th Street and 231 East 43rd Street.
These sales appear to be part of an effort by Mr. Chang to restructure his assets to better weather the economic downturn. In April, Mr. Chang told Crain’s New York Business, "The tightening credit market is slowing me down."
Sheesan purchased the West 26th Street site in 2005 for $9.1 million.