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InterContinental Hotels, Brack Capital selling NYC hotel for $176M

InterContinental Hotels Group Plc and Brack Capital Real Estate are selling Hotel Indigo on Manhattan, N.Y.'s Lower East Side, seeking more than $176 million for the asset, The Real Deal reported.

The developers bought the stalled hotel site, located at 171 Ludlow St., in 2011 for $45 million, and partially opened the 294-room hotel in 2015. The partners expect to fetch over $600,000 per key, the publication noted, citing the CEO of Brack's U.S. operations, Shai Shamir.

The retail condominium and 89-car garage were previously purchased by Cohen Equities for $21 million in 2015, the publication noted.