How Much for a Dashed Little Chitaly Dream?


Wednesday, September 26, 2007, by Joey

2007_9_holidayinnsohosm.jpgThe Real Deal has closed the loop on the decline and fall of the next great Little Chitaly hangout. We previously mentioned that the Holiday Inn Soho at 138 Lafayette was sold by new owner Highgate Holdings, who bought the 227-room hotel in the spring for $42.5 million and planned to convert it to a luxury boutique job. How much was Highgate offered by the Procaccianti Group to flip the property instead of following through on those lofty AvroKO/restaurants/bars/coolness promises? $128 million. Yeah, we would've sold too.
· Holiday Inn Soho sold for $128M [TRD]
· Little Chitaly Shocker: Boutique Hotel Plans Off? [Curbed]


Filed under Commercial Real Estate, Hotels, Manhattan: Chinatown, Manhattan: Soho, Real Estate Sold, 138 Lafayette, Avroko, Highgate Holdings, Holiday Inn Soho

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Comments (3 extant)

1.

Um, Highgate Holdings purchased the hotel in the spring . . . OF 2005. Yes, it's still a great flip, but it didn't happen over four months.

By Oldmark at September 26, 2007 9:21 AM

2.

Did Highgate add any value (ie get zoned as of right etc)? If not what cap rate did they buy/sell the asset for? Seems literally unbelievable.

By JBW at September 26, 2007 9:33 AM

3.

OK, tell me now Soho is dead

By # at September 26, 2007 9:42 AM




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