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Acquisitions

MRR Development buys Hotel Indigo in LES

Property has been on the market for more than a year

Hotel Indigo at 171 Ludlow Street (Credit: IHG)

MRR Development has entered into contract to acquire the Hotel Indigo in the Lower East Side from Brack Capital Real Estate and InterContinental Hotels Group for $162 million, according to TRD. The hotel is located at 171 Ludlow Street and contains 294 rooms.

Tough Market: With the sluggish hotel market, the property had languished on the market for over a year. This wasn’t an easy deal.

Worth Noting: The hotel’s retail condo (10,400 SF) and 89-car garage were sold separately to Cohen Equities and Premier Equities for $21 million in 2015.

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