Assa Properties Announces Sale of Cassa Hotel to HNA Property Holdings in China

NEW YORK, NY--(Marketwire - Feb 10, 2012) - On January 20, 2012, Assa Properties, owner of Cassa Hotel and Residences, located at 70 West 45^th Street, announced that the hotel portion of the property was sold to the HNA Property Holdings, a company headquartered in Beijing, for approximately $130 million. In April 2010, the hotel had entered into a binding contract with HNA for the sale. Cassa's ideal location for both business and leisure travelers, just 1 block from Times Square, combined with consistently high occupancy levels, presented an extraordinary opportunity for HNA to enter into the market. HNA has appointed the Viceroy Hotel Group, a hotel management company, to oversee hotel operations and manage the property under their Urban Retreat portfolio. Available for sale or rent, the 57 luxury Cassa residences remain wholly owned by Assa Properties. Under the new hotel management agreement, the residential owners and extended stay guests will benefit from the hotel's amenities and services.

The transaction included Assa Properties' right to retain the Cassa name brand and the company's latest project, Cassa - Times Square, is located in Manhattan's Midtown West. "The sale of the hotel portion of Cassa is on target with our original business plan. We will continue to source new development projects here in New York City, and remain attentive to opportunities in international markets," says Solly Assa, CEO of Assa Properties.

HNA Property Holdings (Group) Company Ltd. is one of eight subordinate businesses under HNA Group, China's fourth largest air group and one of the Top 500 Chinese Companies. In addition, HNA Tourism has become a leader in the tourism industry, operating 12 subsidiary companies from travel agencies to airlines, hotels to car rentals, and conventions to exhibitions.

About Assa Properties

Founded by Solly and Isaac Assa, Assa Properties has been developing and investing in major residential, retail and commercial properties since 2000. The firm has acquired over three million square-feet of premier assets located throughout the United States and Mexico. Starting in 2002, Assa Properties began acquiring buildings within the New York City Area, namely 743 Fifth Avenue, 2 Herald Square and 6 Times Square -- originally the Knickerbocker Hotel built by John Jacob Astor -- with an eye towards building luxury retail and hotel experiences in some of the New York City's most distinctive neighborhoods. They have since evolved their original vision with two developments: Cassa Hotel and Residences in midtown Manhattan, and Cassa Times Square, located in Manhattan's Midtown West. Each project represents full-service luxury hotels and condominiums offering premium hotel services to their full-time residents.

About Viceroy Hotel Group

Viceroy Hotel Group delivers one-of-a-kind lifestyle experiences that bring together provocative design and intuitive service in sought-after locations. Signature brand amenities and services created for the diverse business and leisure guests include dynamic dining venues featuring world-class culinary talents and destination spas specializing in health, fitness and beauty. Current properties include hotels and resorts in Abu Dhabi, Anguilla, Beverly Hills, Miami, Palm Springs, Riviera Maya, Santa Monica, Snowmass, St. Lucia and Zihuatanejo with forthcoming openings in Beverly Hills (in what is currently L'Ermitage Beverly Hills), the Maldives and Bodrum, Turkey.