With its proximity to LaGuardia Airport, a Holiday Inn in Corona was worth $37,350,000 for one hotelier.
Located at 37-10 114th St., the eight-story hotel was purchased in an all-cash transaction by Sam Chang of McSam Hotel Group under an LLC called Corona Operating Company.
According to Cushman & Wakefield, the real estate brokerage firm responsible for the sale, this represents one of the largest re-development site sales that Corona has seen.
“This sale is a significant happening for Corona and a testament to the area’s transformation,” said Stephen Preuss, executive director at Cushman & Wakefield. “We are seeing an overflow of demand from the Flushing mega-developments into the surrounding areas such as Corona and East Elmhurst.”
The hotel offers 226,800 buildable square feet and has 217 units, a pool, an exercise facility, multiple event spaces and parking for 86 cars. Natalie De Paz, a spokesperson for Cushman & Wakefield, said the hotel will likely be converted into condos.
But Chang, the chairman of McSam Hotel Group, recently announced a partnership with Marriott to build five new airport hotels, including a 350-room Marriott at JFK International Airport, according to The Real Deal. He also owns five other hotels around JFK International Airport, The Real Deal reported.
The hotel is only a half-mile from LaGuardia Airport and close to attractions such as Citi Field and Flushing Meadows Corona Park.