RFR Holding Scoops Up Holiday Inn Soho for About $90M [Updated]
RFR Holding has bought the Holiday Inn Soho from Procaccianti Group for $89.7 million, property records indicate.
RFR, run by Aby Rosen, bought the property at 138 Lafayette Street on July 30 and it appeared in public records today.
Rhode Island-based Procaccianti Group bought the building, which is at the corner of Lafayette and Howard Streets, seven years ago for $128 million. RFR’s website indicates that it plans to reposition the hotel, originally built in 1961 and turned into a hotel in 1992.
The 14-story hotel, comprised of 114,500 square feet, has 227 hotel rooms and 7,200 square feet of retail space. The proposed repositioning calls for expanding the retail space to 9,720 square feet and adding balconies to six units, RFR’s website indicates.
RFR is behind hotels including the Gramercy Park Hotel and the Paramount Hotel.
A spokesman for Procaccianti Group said that TPG Hospitality retains management of the hotel.
RFR didn’t immediately respond to requests for comment.
Update: This story has been edited to include a comment from the spokesman for Procaccianti Group.