It looks like Brookfield Property Partners is about to pick up the Lower East Side’s Hotel Indigo for $160 million.
According to The Real Deal, the firm has signed a letter of intent with Brack Capital Real Estate, which developed the property at 180 Orchard St./171 Ludlow St.
Brack Capital and InterContinental Hotels Group purchased the stalled construction site for $46 million in 2011. The 294-room property with an oddly named rooftop bar opened in the middle of 2016. Last summer, Commercial Observer reported that the 26-story Hotel Indigo had been listed for $176 million.
The retail stores and a parking garage connected to the hotel were sold off a few years ago. The stores have remained mostly vacant since they were ready for occupancy.