Brack Capital Real Estate Trades The James New York for Approximately $85 Million

Denihan Hospitality Group will continue to expertly operate and manage the 114-room SoHo hotel and David Burke will carry on popular food and beverage offerings

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. May 03, 2013

NEW YORK - May 3, 2013 - Brack Capital Real Estate (BCRE), a global real estate investment and development company, announced today that The James New York, located at 27 Grand St., was sold for approximately $85 million. Operations will remain unchanged at this exclusive SoHo destination as Denihan Hospitality Group will carry on management, along with notable chef David Burke remaining to produce the highly acclaimed food and beverage menu.

“We were always incredibly confident in the potential presented in this well-situated location for a one-of-a-kind property and are pleased to see this hotel not only meet our goals, but exceed expectations. This sale offers BCRE a strategic opportunity to continue applying our vision, and building our presence in today's thriving marketplace,” said Issac Hera, chief executive officer of Brack Capital Real Estate-USA. “BCRE has been honored to work closely with such an ingenious and forward-thinking company as Denihan, and we are confident The James New York will continue to see success under the new ownership.”

BCRE has developed more than three million square feet of office, hotel and retail space as well as 3,000 residential units internationally. The company's New York portfolio includes premier properties such as 15 Union Square West; The Greystone Hotel, at 212 West 91st St.; 90 West Street; the Element, at 555 West 59th St.; The Olcott, at 27 West 72nd St. and The Hilton Garden Inn, at 63 West 35th St. The company is currently developing boutique hotels in Times Square, at 218 West 50th St., and the Lower East Side, one property at 189 Bowery St. and another at 180 Orchard St., a planned Indigo Hotel.

Completed by BCRE in Fall 2010, The James stands as Downtown's most in-demand luxury boutique hotel for travelers and locals alike. Designed by ODA in collaboration with Perkins Eastman and Thomas Schlesser, the property features meticulously designed guestrooms and suites; sleek and spacious amenity spaces; renowned restaurants David Burke Kitchen and the Garden at David Burke; and a coveted rooftop lounge, called Jimmy, which includes jaw-dropping city skyline views, a private pool with cabanas and a bar with both indoor and outdoor seating.

Under the direction of Denihan Hospitality Group, The James New York has also been established as an influential curator of artwork. In homage to the creative energy of SoHo, The James New York features a diverse collection from local and international artists, both prominent and up-and-coming.

Accommodations at The James New York include spacious corner rooms with panoramic City views, one-bedroom suites and an impressive penthouse loft on the 15th floor. Every guestroom includes carefully honed reclaimed materials complemented by a serene color scheme, to create a modern and inviting space. Additionally, the amenity spaces are bright and expansive, offering open, inviting common spaces not typically seen in comparable boutique properties.

The James New York stands at the corner of Grand and Thompson Streets in SoHo. The iconic neighborhood features some of the City's best cultural offerings and destinations for entertainment including top-rated dining, eclectic shopping and notable art galleries. The James New York also offers a convenient location for visitors to explore the best the City has to offer.

About The James

In the realm of hospitality, The James hotels, with locations in Chicago and New York, are authentic, warmly modern, residentially styled luxury hotels liberated from tradition. The brand's core philosophy is evident in each of the ideally situated property's design aesthetic, culture and personal, intuitive service. http://www.jameshotels.com

About Brack Capital Real Estate

Brack Capital Real Estate (BCRE) is a worldwide real estate investment and development company with offices and teams in New York, Miami, Frankfurt, Düsseldorf, Moscow, Kazan, New Delhi, Mumbai, Beijing, Amsterdam, Budapest, and Limassol. BCRE is active in large scale international real estate investment, development, and M&A activities. Over the past two decades, BCRE has acted as principal in investments of over $8.5 billion, primarily in the US and Europe. During this same period BCRE has been a lead party in financing and refinancing transactions of over $10 billion. As a developer and investor, BCRE has taken the lead in more than 40 million sq. ft. of office, retail, and residential projects. BCRE's current portfolio in NY includes 15 Union Square West; The Greystone Hotel, at 212 West 91st St.; 90 West Street; the Element, at 555 West 59th St.; The Olcott, at 27 West 72nd St. and The Hilton Garden Inn, at 63 West 35th St; 218 West 50th St.; 189 Bowery St. and The Indigo Hotel at 180 Orchard St. For additional information about BCRE, visit http://www.brack-capital.com.

About Denihan Hospitality Group

Celebrating 50 years as a privately-held, full service management and development company, Denihan Hospitality Group owns and/or operates 14 boutique hotels in major urban markets throughout the U.S. Denihan has built a world-class lodging investment platform within the boutique hotel space, creating value by acquiring, repositioning and managing independent hotels.

The Denihan portfolio includes properties operating under The James and Affinia Hotels brands, as well as Manhattan luxury independents, The Surrey and The Benjamin, and additional independent properties in New York City. Denihan's hotels include an impressive list of chef-driven restaurants and bars, including Iron Chef Geoffrey Zakarian's The National Bar and Dining Rooms at The Benjamin; David Burke Kitchen at The James New York and David Burke's Primehouse at The James Chicago; Daniel Boulud's Cafe Boulud at The Surrey; Art Smith's Art and Soul at the Liaison Capitol Hill, an Affinia hotel in Washington, D.C.; and James Beard nominee Kris Wessel's Florida Cookery at The James Royal Palm.

The company's uniquely guest-centric approach, refined through the past 50 years, has made it an industry leader in hospitality, property and restaurant development, as well as hotel operations, management and marketing. In 2012, Denihan was named to Inc. Magazine's 500|5000 list of Fastest Growing Companies for the fourth year in a row, where it topped the list of full-service hotel companies.

More details can be found at www.denihan.com.