Albertson, N.Y.-based Atlas Hospitality is bringing a Gene Kaufman Architect-designed Hotel Indigo to 120 Water Street between Wall and Pine Streets in the Financial District, next door to a Holiday Inn Express the architect designed, the developer confirmed to Commercial Observer.
“This is a brand that gives us the flexibility of creating a boutique product and at the same time we are backed up by the central reservation system of [InterContinental Hotels Group],” said Atlas Hospitality’s Raj Guru. “The hotel is an IHG product.”
The new Hotel Indigo will have an all glass façade, Guru said, and it will have at least a four-star rating. Built to 51,600 square feet (including a cellar floor), Hotel Indigo will have 122 guest rooms. Amenities will include a fitness center, a rooftop bar and lounge and a full restaurant and bar in the ground-floor lobby. The hotel is slated to open on April 1, 2018.
Raj Guru’s Atlas Hospitality and other investors bought 120 Water Street and 122 Water Street, five- and four-story buildings, respectively, last October for $20.1 million, according to property records. The structures are in the process of being demolished, Guru said.
Atlas Hospitality is not new to hotel development. The company developed with Krishna (K.K.) Mehta the Staybridge Suites, also an IAG hotel, at 340 West 40th Street between Eighth and Ninth Avenues, with a GKA design a number of years ago.