Hotel Indigo LES Hits the Market for $176M
This is big.
It took a decade to build, and now the Hotel Indigo (aka Orchard Hell Building) is on the open market. Barely two years after the property debuted, Brack Capital and partner InterContinental Hotels Group, both of which purchased the stalled development site in May 2011, are looking to cash out big time with an estimated price tag of $176 million.
According to the Commercial Observer, the Hotel Indigo could sell for upwards of $600,000 per room, largely due to its status as a flagship location for the brand. The listing is apparently handled by Eastdil Secured.
This Hotel Indigo rises 26 stories (280 feet) and trounces everything in the immediate Hell Square vicinity. It is also home to the controversial Mr. Purple, a 15th-floor restaurant, bar and lounge with two terraces. The establishment, and its hotel hosts, entered a world of shit upon the discovery that its namesake – local gardener icon Adam Purple – was an unsavory character with sordid sexual past. The retail condos – currently hosting a sales office for Ben Shaoul’s development up the block and the Jump Into the Light virtual reality center – are not part of the deal, since they’re under separate ownership.