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ASSIGNMENT: Hob Knob is a 17-key luxury boutique hotel located in Edgartown on the island of Martha’s Vineyard. The prior ownership purchased the property in 1996 for redevelopment and operated the highly successful brand for almost 20 years. In 2012, they engaged a large, international commercial real estate brokerage company to sell the property. They were unsuccessful. After several failed subsequent attempts to transact “off-market”, Boston Realty Advisors was hired to conduct a comprehensive marketing campaign.
APPROACH: Electronic, print, mail, phone calls, and in-person meetings targeted more than 6,000 potential investors in nine different countries. This effort generated 52 executed confidentiality agreements, 15 guided tours, and 6 offers. After an arduous diligence process and contract negotiation, the asset sold to a high-net worth family office out of California.
RESULT: Sale date: November, 2015
Sale price: $7,100,000
Sale price per key: $417,650
Cap rate: 6.5%
CAs: 75 Tours: 32 Offers: 6