Commerz Real, a German real estate fund, has agreed to buy the newly completed 11 Howard hotel, a 221 room boutique hotel on Howard Street in New York’s trendy SoHo district.
The seller is Soho Hotel Owner LLC, which is part of RFR Holding USA and at the same time will operate the hotel in a sale-leaseback arrangement. The purchase price was $170 million according to The Real Deal.
In total, the building, which was built in 1905 and fully renovated in 2015. It just opened as a boutique hotel last week and was formerly a Holiday Inn.
In addition to the hotel, the property has leased the ground floor retail space to a restaurant and to a world – class furniture design gallery.
RFR also owns the Gramercy Park Hotel and Paramount Hotel near Times Square.