Share on FacebookTweet about this on TwitterEmail this to someone
Share on FacebookTweet about this on TwitterEmail this to someone
Photo via Google Maps
Photo via Google Maps
A Holiday Inn in Corona was sold for $37.35 million.

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.

Comments:

Join The Discussion



Related Stories
Retail building in Sunnyside sold for nearly $10 million
Retail building in Sunnyside sold for nearly $10 million
Commercial condo in Downtown Flushing hits the market with $6.8M price tag
Commercial condo in Downtown Flushing hits the market with $6.8M price tag
Popular Stories
Photo via Shutterstock/Insets courtesy of NYPD
Thieves use cloned debit cards at Queens ATMs to steal thousands from victims' bank accounts
Photo courtesy of the Bayside BID
Sample some of Bayside's best restaurants during the 'Bell Boulevard Food & Music Fest'
Photo via Facebook/snowdaysnyc
Shaved ice cream shop Snowdays to open in Bayside early this summer


Skip to toolbar