The 227-room Holiday Inn Soho at 138 Lafayette was supposed to be converted to a luxury boutique hotel by Highgate Holdings, with design by celebrated Manhattan firm AvroKO and at least one trendy dining spot located inside. The announcement was but another stepping stone in the ascendance of the rising marginal neighborhood we lovingly refer to as Little Chitaly. But unfortunately, those plans appear to be off. Globe St. reports that the Holiday Inn Soho was just sold to a Rhode Island-based developer named Procaccianti Group, for an undisclosed amount. Highgate purchased the hotel in 2005 for $42.5 million. Globe St. does not disclose the sellers, but make no mistake about it, there is only one so-called Holiday Inn Soho. Procaccianti's plans for the property are not revealed, but it's not a stretch to assume that the refurbishment plans are off, expecially considering the group is sinking a lot of money in its other acquisition, Tudor Hotel at the United Nations. Little Chitaly, were we wrong about you?
· Procaccianti Acquires Two Hotels, Plans Upgrade [Globe St]
· Little Chitaly: Who's Laughing Now? [Curbed]