NEW YORK CITY-Brack Capital Real Estate and InterContinental Hotels Group have acquired 180 Orchard St. for $46 million and will develop the mixed-use location into a boutique hotel, with retail and parking.

A 290-room Hotel Indigo is slated to open at the location in 2013. The hotel, part of the IHG stable of managed properties, which includes Holiday Inn and Crowne Plaza, will feature a restaurant, bar, outdoor pool and fitness center, according to a release.

A spokeswoman for the joint venture partners tells GlobeSt.com that the seller was Morris Platt, a developer whose previous efforts to develop the site, for either hotel or residential, stalled. Real Capital Analytics lists Misrahi Realty as the broker for the seller, though reports indicate Misrahi was involved in leasing the retail component of a previous iteration of the development. A broker with Misrahi declined to confirm this to GlobeSt.com, though the development rights to the property were listed as up for sale on the Misrahi website. Sion Misrahi, known for his transformation of the Lower East Side, did not return a call to GlobeSt.com in time for publication.