{"id":1004116523,"date":"2015-03-30T11:11:06","date_gmt":"2015-03-30T19:11:06","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=336598"},"modified":"2020-05-21T23:37:43","modified_gmt":"2020-05-22T07:37:43","slug":"ihg-sam-chang-continue-new-york-citys-hotel-glut","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ihg-sam-chang-continue-new-york-citys-hotel-glut\/","title":{"rendered":"IHG, Sam Chang Continue New York City\u2019s Hotel Glut"},"content":{"rendered":"<p><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p>There\u2019s a plethora of hotels in New York, but the city\u2019s robust hospitality market will always make room for more.<\/p>\n<p>A new Crowne Plaza is scheduled to open in Midtown Manhattan in 2017, InterContinental Hotels Group (IHG) announced last week. Owned by LRR Holdings, LLC\u2014a Nevada-based hospitality company controlled by Lance Steinberg and Frank Chan\u2014and operated by IHG, the new hotel will be located on West 36<sup>th<\/sup> Street, in the famous Garment District. Once open, it will be the brand\u2019s fourth hotel in New York City, following the two Crowne Plazas in Times Square and another one located at JFK airport.<\/p>\n<p>The upcoming Crowne Plaza on 36<sup>Th<\/sup>street will offer 251 guest rooms. It will also include an 80-foot glass atrium at the entrance, flexible meeting space, a fitness center, as well as restaurant and bar space.<\/p>\n<div id=\"attachment_336602\" class=\"wp-caption alignright\" style=\"width: 307px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/03\/111-E.-24th-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-336602 \" title=\"111 E. 24th Street - Manhattan, New York City\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/03\/111-E.-24th-Street.jpg\" alt=\"111 E. 24th Street - Manhattan, New York City\" width=\"297\" height=\"300\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>111 E. 24th Street &#8211; Manhattan, New York City<\/em><\/p>\n<\/div>\n<p>Meanwhile, one of the busiest hotel developers in the city plans to build another budget hotel in Manhattan. <a title=\"NY YIMBY\" href=\"https:\/\/newyorkyimby.com\/2015\/03\/sam-chang-hotel-planned-for-111-east-24th-street.html\"  rel=\"nofollow\">New York YIMBY<\/a> reported that Sam Chang recently filed plans with the Department of Buildings to develop a 13-story structure on a 6,000-square-foot parcel that is currently used as a parking lot operated by Champion Parking. The site, located at 111 E. 24<sup>th<\/sup> St. in the Flatiron District, was leased by Chang in November last year. According to the <em><a title=\"Commercial Observer\" href=\"https:\/\/commercialobserver.com\/2014\/11\/sam-chang-scores-another-99-year-lease-for-a-parking-lot\/\" rel=\"nofollow\" >Commercial Observer<\/a><\/em>, Chang landed a 99-year triple-net lease for the parking lot, for an annual rent of $900,000. The site is owned by Demetrios and Fania Samuel.<\/p>\n<p>Chang has teamed up with architect <a href=\"https:\/\/www.multihousingnews.com\/?s=Gene+Kaufman&amp;x=0&amp;y=0\" rel=\"nofollow\">Gene Kaufman<\/a>, who created the design. Reportedly, the new hotel will encompass more than 38,000 square feet of space, and will offer 120 budget guest rooms located on floors two through 13. Most of the hotel\u2019s first floor will most likely offer retail or restaurant space.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor There&rsquo;s a plethora of hotels in New York, but the city&rsquo;s robust hospitality market will always make room for more. A new Crowne Plaza is scheduled to open in Midtown Manhattan in 2017, InterContinental Hotels Group (IHG) announced last week. Owned by LRR Holdings, LLC&mdash;a Nevada-based hospitality company controlled by [&#8230;]<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004116523","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IHG, Sam Chang Continue New York City\u2019s Hotel Glut - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ihg-sam-chang-continue-new-york-citys-hotel-glut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IHG, Sam Chang Continue New York City\u2019s Hotel Glut\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor There&rsquo;s a plethora of hotels in New York, but the city&rsquo;s robust hospitality market will always make room for more. A new Crowne Plaza is scheduled to open in Midtown Manhattan in 2017, InterContinental Hotels Group (IHG) announced last week. 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