Brack Capital Real Estate and IHG Acquire 180 Orchard Street in New York City for $46M

New York, NY – May 20, 2011 – (RealEstateRama) — Brack Capital Real Estate (BCRE), in a joint venture with IHG (InterContinental Hotels Group), has completed the acquisition of 180 Orchard Street on the Lower East Side of Manhattan for approximately $46 million in an all-equity transaction. BCRE will own 51 percent of the shares in the joint venture while IHG will own the remaining 49 percent. IHG’s investment in the project will be up to $30 million. The team plans to develop a multi-use property to include a 290-room Hotel Indigo with retail component and parking.