McSam sells again – this time a former Radisson

NEW YORK CITY – New York City-based multifamily developer Slate Property Group has reportedly acquired from Great Neck, New York’s McSam Hotel Group for $94.5 million the former 289-room Radisson hotel in New York City’s financial district.

The 20-story property was operating as a homeless shelter during the pandemic and has been the subject of controversy when reports surfaced it was housing migrants seeking asylum.

McSam bought the property in 2017 from Rockwood Capital for $95 million.

Throughout this year, McSam's Sam Chang has been divesting his hotel properties, including over $200 million in Midtown Manhattan in late 2023, and a $160 million deal with Magna Hospitality Group.

In November, Brisam Management, which appears to be tied to McSam, according to a Commercial Observer story, sold the Holiday Inn Express New York City in Chelsea for $59.8 million to New York City-based private equity firm Prospect Ridge through an entity called Cactus Street Propco.

In April 2024, McSam sold a newly built 142-key hotel in Queens for $40 million to an LLC connected to Letap Group principal Jasmin Patel.