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Hospitality firm acquiring Fire Island resort for luxury revamp
Fire Island Pines district asking $17M bought by Tryst out of bankruptcy
A rising figure in the hospitality space is splashing down on Fire Island.
Tristan Schukraft’s Tryst Hospitality is in contract to buy 75 percent of the Fire Island Pines Resort commercial district, Tryst Hotels announced on Wednesday. The hospitality firm declined to say what it agreed to pay for the district, which spans 10 buildings off the southern coast of Long Island.
The deal is expected to close in late July, according to listing broker Mitchell Muroff of Muroff Hospitality.
The large chunk of the commercial district was listed in November with an asking price of $17.2 million. The offering included the famous Pavilion nightclub, a hotel, two restaurants, a pool deck, boat docks and more spanning 320 feet of Fire Island Pines’ main pedestrian walkway.
The resort is the only hotel zoned within the Pines’ commercial district. The property has a 16-room building and a three-room building for staff housing, along with the potential to develop two parcels into 18 rooms or bungalows.
Outpost Pines, controlled by Ian Reisner and P.J. McAteer, bought the property in 2015. But the entity defaulted on loans with two lenders, according to court filings, and has run into issues with the town over conditions at the resort. It filed for bankruptcy last February; the sale is part of a reorganization plan.
Tryst is leaning into Fire Island’s history as a haven for the LGBTQ+ community, with Fire Island Pines being one of the top vacation spots on the island, drawing more than 100,000 visitors each summer.
The firm plans to open the existing businesses for the 2024 season, while Tryst Fire Island — the third branded luxury hotel in its portfolio for queer travelers — will launch next year. Tryst plans to undergo a major renovation to the hotel.
The brand also has a hotel in San Juan and one coming this summer to Puerto Vallarta. Tryst also owns and operates the Abbey Food & Bar and the Chapel in West Hollywood, having paid $1,900 per square foot — $27 million in all — for the two venues.
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This article has been updated with the contract’s anticipated closing date.
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