Brack Capital Real Estate (BCRE), in a joint venture with InterContinental Hotels Group (IHG), has completed the $46m acquisition of 180 Orchard Street in New York, US, to develop a 290-room Hotel Indigo property.

BCRE will own a 51% stake in the joint venture while IHG will own the remaining 49%.

The Hotel Indigo property will include a restaurant, bar, fitness centre and outdoor pool, and is scheduled to open in 2013.

The property will be managed by IHG, with the group’s investment amounting to $30m.