The Real Deal New York

Rotem Rosen’s new firm swoops in on Hotel Indigo deal

MRR Development in contract to buy 294-key property for $162M: sources
By Rich Bockmann | June 10, 2018 08:16PM

Jerry Rotonda, Rotem Rosen and the Lower East Side’s Hotel Indigo

Rotem Rosen, Jerry Rotonda and their billionaire Indian business partner have swooped in to buy the Lower East Side’s Hotel Indigo.

As of late last month, Brookfield Property Partners was in talks to buy the 294-key hotel from Brack Capital Real Estate and InterContinental Hotels Group for $160 million, as The Real Deal first reported.

But sources now say those talks fell apart, and Rosen and his partners quickly jumped on the deal and are now in contract to buy the property for $162 million.

Representatives for Rosen, Brack Capital and Brookfield were not immediately available for comment.

Rosen last year teamed up Anand Mahindra, the billionaire head of Indian conglomerate Mahindra Group, and Rotonda, a former executive at Deutsche Bank Wealth Management, to launch MRR Development. The company is focused on developing or repositioning office, residential and hotel properties in Manhattan.

The Hotel Indigo would be the company’s first hospitality acquisition.