An ailing hotel market and deserted Times Square are doing little to slow progress on prolific hotel developer Sam Chang's latest project, a 1,046-room hotel at 150 West 48th Street between Sixth and Seventh avenues.

The McSam Hotel Group hotel tower, now under construction, just received a $75 million preferred equity investment from Square Mile Capital Management.

As part of the announcement, the duo released a rendering of the project in full, which shows off a design by architect Gene Kaufman

Gene Kaufman

Under a Tri-Branded Hilton hotel, the property will host a 288-key Home2 Suites, 358-key Hampton Inn, and 400-key Motto, all geared to meet different traveler needs and preferences. Amenities on-site will include restaurants, lounges, coffee shops, breakfast dining facilities, exercise rooms, select meeting spaces, laundry facilities, and a shared rooftop lounge.

Hardly phased by current market conditions, and thoroughly optimistic about the future, Square Mile Capital Managing Director, Elliot Rattner, said in a statement, “This was an attractive opportunity to bolster our participation in the post-pandemic recovery of the New York City hospitality sector. We are confident that travelers to New York will once again want to stay in the center of all the City has to offer. Overall, once complete, this midtown Manhattan property’s unique location, brand affiliations, and diverse room offerings will create a compelling set of options for a variety of traveler segments.”

According to previous reports, 150 West 48th will be the largest constructed since the nearby New York Marriott Marquis opened in 1985 with 1,949 rooms. The project represents Square Mile Capital’s fifth Manhattan hotel development project alongside McSam Hotel Group.

The hotel topped out this month and is expected to open at the end of 2022.