New York, NY, September 22, 2010 – Infinity Real Estate LLC (“Infinity”) announced today its sale of the Fashion 26 Hotel in New York City. The 280-key, full-service hotel was sold to a fund managed by RLJ Development for $121.8 million. Infinity led the design, construction, launch, and stabilization of Fashion 26 throughout the Hotel’s three year development period. “We felt the offer we received presented a successful economic outcome for our partnership, and felt it was a sound, strategic move to divest at this time” commented Steve Kassin, managing partner of Infinity Real Estate. RLJ, which owns 120-hotels nationwide, also owns a Hilton Garden Inn at 63 West 35th Street, and is one of the more active players in the hospitality sector.
About Infinity Real Estate, LLC
Infinity Real Estate is a New-York-based private real estate owner, investor, and operator focused on the acquisition, redevelopment, and re-positioning of commercial properties across select U.S. markets along the East Coast, the Mid-West and Central States. Infinity Real Estate is the property acquisitions, development, and management unit, owned and operated by the Infinity Group. The Company currently operates approximately 40 commercial properties and development projects in 13 states. Infinity Real Estate’s principals have led or have directly transacted in over $2.5 billion of real estate related investments, representing over 75 asset or project acquisitions or developments, as well as several private corporate deals. The Company has established a strict investment discipline centered on active management of all its projects.