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Brack Capital to sell InterContinental-managed NYC hotel for $162.5M

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.