Amsterdam-based Brack Capital Real Estate Investments NV signed a $162.5 million agreement to divest its holdings in the Hotel Indigo on the Lower East Side in New York City to Manhattan-headquartered MRR Development.
The deal, subject to certain conditions, is slated to complete by 2018-end, according to a release.
It was reported earlier that Brookfield Property Partners LP had signed a letter of intent for the purchase of the 293-room hotel at 171 Ludlow St. for $160 million.
InterContinental Hotels Group PLC and Brack Capital jointly opened the hotel in November 2015. The property will keep operating under InterContinental's Hotel Indigo brand following the sale.
