PRESS RELEASE

FIRE ISLAND PINES SELLS AT AUCTION FOR $10.1 MILLION TO IAN REISNER & PJ MCATEER
New "Pines Hotel" Grand Opening 2016

New York, NY – January 27, 2015 –THE OUT HOTEL owner & Real Estate Developer Ian Reisner and PJ McAteer, owner of the infamous "Sip & Twirl", Pines Bistro & Pines Pizza have bought the 320 feet of dock side frontage making up 80% of the commercial real estate space on Fire Island Pines for $10.1 million. The properties were originally listed at nearly $25 million, and later dropped to $19.5 million. With the winning bid at the auction, Reisner won the right to negotiate with the seller. Six hours later the deal was done. The final sales price includes the famed Pavilion nightclub, the legendary 'High Tea' Deck, the Botel Hotel, Rack Gym, Pines Pool & Bar, the Blue Whale Restaurant, Canteen/ Cultured Elephant Restaurant, a small string of retail shops, 2 residential homes and a boat. Reisner negotiated a win-win deal with the seller, which will close at the end of February.

Reisner said, "The upcoming rehabilitation, rejuvenation and revival of The Pines, specifically the creation of a new hotel (considering "OUTpost Pines Hotel" -subject to the negotiation of a branding/management agreement with THE OUT HOTEL) will have bungalows and a spa-wellness-health concept with a June 2016 grand opening and will add additional cachet, style & panache to The Pines so it can regain its status as an international beach destination to rival other sister beach communities such as Provincetown, Mykonos & Ibiza."

"This is as much a community investment as a financial one. I plan to create a playful and edgy boutique hotel that we all will be proud to frequent...think Sunset Beach Shelter Island comes to Fire Island" explained Reisner. "This will entail reviving an important part of the community that has been a part of my life since 1989. There will be something for everyone including "shared luxury accommodations", deluxe rooms & luxury bungalow suites. I have been eyeing this property since THE OUT opened to much fan fair and acclaim in 2012 and I'm excited to open a possible sister, OUTpost Pines," said Reisner.

If and when a branding/licensing deal is hammered out, the hotel would be in keeping with THE OUT brand standards and hospitality offerings, which in NYC includes THE OUT HOTEL & SPA, KTCHN restaurant, 42West Event Space & XL/BPM Nightclub. Pines will open for this coming season with no brand and modest cosmetic changes from April thru October. The property will then undergo a $4 million plus major renovation and will be opening in summer 2016. During the off-season months of April/May & September/October, the hotel will offer spa-wellness-health retreat packages to enable homeowners and travelers to enjoy the beauty of the island in the spring and the fall. Pines homeowners are also being offered the opportunity to invest along side the winning bidders at their cost to support the community rebirth.

Previous owner Andrew Kirtzman said, "In their six years as owners of the Pines commercial district, the owners of FIPV constructed an internationally-renowned Pavilion on the site of a devastating fire that left its predecessor in ashes. They also renovated the Blue Whale, opened Canteen restaurant and refurbished the Botel pool deck into a huge and wildly popular new party venue. We congratulate Ian and PJ and wish them a terrific future in the Pines. We're excited to see them take the commercial district to a new level."

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For further information, please reference the New York Times article from January 22, 2015.
http://www.nytimes.com/2015/01/23/nyregion/gay-mecca-on-fire-island-sells-for-10-1-million-at-auction.html?_r=0

For more information or interview requests with Ian Reisner or P.J. McAteer, please contact
Marisa Hebert at R. Couri Hay Creative Public Relations,
T: 212-580-0835 E: marisa@rcourihaycpr.com