The Real Deal New York

Brack Capital bringing Hotel Indigo to LES

May 19, 2011 03:17PM

Brack Capital Real Estate, the developer behind the James New York, the Olcott and 15 Union Square West, has just acquired the development site for its latest Manhattan project: a 290-room Hotel Indigo at 180 Orchard Street. The Lower East Side project, a joint venture with InterContinental Hotels Group, will also include retail and parking when it opens in 2013. BCRE and IHG paid $46 million for the site in an all-equity transaction, the partners announced today. Among the property’s planned features: a restaurant, bar, fitness center and outdoor pool. “This prime development site presents an untapped opportunity to create a project that will benefit neighborhood residents while adding value to the area overall,” said Isaac Hera, CEO of BCRE. “Our strategic relationship has set the stage for many future projects with IHG.” TRD

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