NYC – The Commercial Observer has recently reported that Sam Chang plans on selling Bowery’s Whitehouse Hotel and Hostel of New York. Located at 338 Bowery, the hotel will be sold for about $12 million, although the current buyer is not yet known.
Chang bought the hotel in 2007 for $7.8 million and has since remodeled and renovated several aspects of the building. The property was shut down during the construction process and was reopened in 2011. The self-proclaimed “coolest hostel in the No-Ho District of Manhattan” is designed for students, backpackers, and anyone else who is traveling through the area on a budget.
The $100,000 of improvements added a lot to the hotel and hostel. In addition to several added features and amenities, the hostel is at a convenient location nearby many Manhattan attractions and hotspots. In fact what began as a four-story building is now a full-fledged hotel with nine floors. Visitors can expect to pay about $35 a night to stay in the hostel.
Chang is a member of the McSam Hotel Group and he brokered the new deal with the help of Robert Khodadadian of Skyline Properties. Right now there has been no other information revealed about the sale or the future of the hotel. Whether the building will remain a cost effective hostel for travelers or change into something else remains to be seen.
At Skyline Properties, we strive to keep you up to date about some of the biggest real estate sales and investments throughout New York City. From hotels to office buildings and everything else in the area, you can rely on us to bring you the latest news. For more details about this deal and about others in the area, keep checking back with our blog!