NEW YORK CITY—Prolific hotel developer and owner Sam Chang is set to put the DoubleTree Times Square West—a property not yet open for business—on the market. Initial pricing guidance for the property is $390 million.?

Located at 350 W. 40th St., in Midtown, the 612-room, 37-story, 200,000-square-foot hotel sits on the southern edge of Times Square and the Broadway Theater District. Still under construction and scheduled to debut in July, the DoubleTree will be one of the largest hotels in Times Square. The property will offer a three-meal restaurant and a 2,600-square-foot rooftop bar/lounge and entertainment venue alongside amenities associated with a full-service, four-star hotel.

CBRE Hotels' Ron Danko, EVP, and Bradley Burwell, VP in the Manhattan office are leading the sale on behalf of McSam Hotels, where Chang is CEO and founder. The DoubleTree will be delivered unencumbered by management and delivered to a buyer either at substantial completion or temporary certificate of occupancy.

"We are excited to represent Sam Chang in the sale of his most significant project to be developed in New York City," says Danko. "We plan to leverage CBRE's global platform to market the asset to every corner of the world."?

Adds Burwell, "Large scale, fee-simple, full-service hotels unencumbered by management are seldom available in Manhattan. As a result, we anticipate significant interest from a wide array of investors looking to gain a strategic and significant foothold in the Manhattan market."?

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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