Aby Rosen to turn Holiday Inn Soho into boutique hotel

RFR Holding paid $89.7 million for 138 Lafayette Street in August

New York /
Oct.October 15, 2014 12:15 PM

Aby Rosen’s Midtown East-based development firm RFR Holding plans to transform the Holiday Inn Soho into a boutique similar to other properties owned by the real estate mogul.

The hotel at 138 Lafayette Street will close for a sweeping, roughly yearlong renovation starting in January, according to Crain’s. RFR Holding bought the hotel for $89.7 million from the Rhode Island-based Procaccianti Group in August, as The Real Deal reported.

Now the firm plans to turn the 114,500-square-foot, 14-story hotel into a boutique similar to RFR Holding’s Gramercy Park Hotel, Paramount Hotel and the W South Beach. Twelve of the Holiday Inn Soho’s 227 rooms are suites.

RFR Holding plans to expand the hotel’s total retail area to 9,720 square feet and add outdoor balconies to six rooms, according to the developer’s website.

RFR’s purchase came as budget brands have struggled in New York. An expert said regular customers at budget chains chafed at the high rates hotels like Holiday Inn charged in the city.

In August, Rosen received partial demolition permits for his controversial 11-story residential project at 67 Vestry Street in Tribeca, as previously reported. Tenants have fought for the existing structure to be designated a landmark.

RFR Realty is also in contract to buy the Church Missions House at 281 Park Avenue South for $50 million, as The Real Deal reported. [Crain’s]Shant Shahrigian


Related Articles

arrow_forward_ios
From left: Vanke US managing director Kai-yan Lee, 100 East 53rd Street and RFR’s Aby Rosen (Photos via Foster + Partners and Getty)
Vanke files $680K suit in condo dispute with RFR
Vanke files $680K suit in condo dispute with RFR
The Gramercy Park Hotel at  2 Lexington Avenue and Aby Rosen of RFR Holding (Getty; Google Maps)
Aby Rosen’s Gramercy Park Hotel faces eviction
Aby Rosen’s Gramercy Park Hotel faces eviction
RFR Holding's Aby Rosen with the Seagram Building and the Chrysler Building (Photos via Getty; iStock)
Aby Rosen says firms have been too “nice-nice” with employees
Aby Rosen says firms have been too “nice-nice” with employees
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)
Vanke seeks to remove RFR from Midtown condo project
Vanke seeks to remove RFR from Midtown condo project
100 East 53rd Street,  Vanke US managing director Kai-yan Lee, and RFR's Aby Rosen (Photos via Structure Tone and Getty)
Aby Rosen accuses Chinese partner of “power grab” after condo loan default
Aby Rosen accuses Chinese partner of “power grab” after condo loan default
From left: Michael Fuchs, Aby Rosen, Brandon Singer and Michael Cody (Getty, iStock)
Aby Rosen, Michael Fuchs back new retail brokerage
Aby Rosen, Michael Fuchs back new retail brokerage
522 Fifth Avenue and RFR Realty’s Aby Rosen (Credit: Getty Images; Google Maps)
Aby Rosen snags $224M loan for Midtown office building
Aby Rosen snags $224M loan for Midtown office building
RFR Realty's Aby Rosen and 522 Fifth Avenue (Getty; Google Maps)
Aby Rosen buys Midtown office building for $350M
Aby Rosen buys Midtown office building for $350M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...