Latest in BRA’s Sales of Unique Boutique Hotels, Resorts and Inns
July 13, 2022 – By Tom Palmer
BOSTON – Boston Realty Advisors, the largest Boston-based independent real estate brokerage, has represented owners or buyers in the sales of two more boutique hotel properties, the Chatham Highlander Inn and the Chatham Seafarer Inn.
The luxury Cape Cod resort properties are the latest in a series of successful sales and purchase transactions handled by the Boston Realty Advisors team, which was led by Nicholas Herz, Managing Director and Partner of the Capital Markets Group, since 2014.
“Our Capital Markets Group has been selling hotels throughout New England since 2014,” said Jason Weissman, Founder and Senior Partner of Boston Realty Advisors. “Nick has done a great job leading our Capital Markets Team and in particular on these specialty hospitality assignments.”
The values of longtime individually owned properties have grown in recent years, and investors and companies owning multiple hospitality properties have been increasingly interested in acquiring single-property holdings or small portfolios.
In the latest transactions, Boston Realty Advisors represented Oceanview Holdings LLC in the sale of the Chatham Highlander Inn, at 946 Main St. in Chatham. It was purchased by TPG Hotels and Resorts. The price was $8.2 million.
Boston Realty Advisors, which is associated with the growing residential sales platform Advisors Living, also represented Oceanview Holdings LLC, the purchaser of the Chatham Seafarer Inn, at 2079 Main St. in Chatham, which was owned by Layn Walker LLC. Oceanview Holdings LLC completed a 1031 real estate investment exchange to purchase the Seafarer Inn. The price was $4.4 million.
Boston Realty Advisors represented Oceanview Holdings in both the sale of the Highlander Inn and the purchase of the Seafarer Inn.
The Chatham Highlander Inn is situated on more than three acres of landscaped grounds with two heated outdoor swimming pools and within walking distance of downtown Chatham, with its mix of excellent restaurants, galleries and shopping.
The Chatham Highlander is a Cape Cod Life Magazine Silver Medal Award winner for lodging, and has been featured in Family Fun Magazine as a great place for families to stay in Chatham.
The Chatham Seafarer Inn is a classic Cape Cod Inn with modern amenities and superb access to the rest of Cape Cod. The property has 22 rooms and has been extensively renovated, including the additions of a new reception area, landscaping, updated utilities, and all new outdoor furniture.
The sales of the Seafarer Inn and the Highlander Inn in Chatham were the latest in a series of successful sales transacted by Boston Realty Advisors since 2015, when the then 12-year-old company first brokered the sale of Hob Knob in Edgartown, a hotel that sold in what was then a difficult market for $7.1 million.
Hob Knob, a luxury boutique hotel on Martha’s Vineyard, was owned by Margaret White and was sold to VIC Partners. Operating under the brand Hob Knob, the hotel and two associated properties had been awarded Best Luxury Boutique Hotel by Boston Magazine.
Martha’s Vineyard is a well-known summer destination and in peak season has hotel occupancy of more than exceeds 90 percent.
Edgartown, situated along The Vineyard’s eastern shoreline, is regarded as a premier vacation destination and one of the world’s greatest yachting centers.
The Hob Knob is at 128 Main St. and featured 17 rooms, two grand guest houses, and prominent amenity space.
Continuing its success in the hotel and resort brokerage category, the Capital Markets Group secured senior debt financing for The Resort and Conference Center at Hyannis, a 232-key hotel property at 35 Scudder Ave. Herz arranged the $12.2 million refinancing on behalf of the borrower, TFG Hyannis Hospitality, LLC.
Then in 2018 Boston Realty Advisors represented Finard Properties, the owners of the Harbor Hotel Provincetown, in a sale of the property to Linchris Hotel Corp. The price was $15.5 million.
The Harbor Hotel has 129 rooms and is located on more than 4.5 acres of manicured grounds and offers sweeping views of the Provincetown Harbor. It is at at 689 Commercial St. and is a three-building property with suites with connecting rooms. It includes the Whaler Lounge and Restaurant and the Cabana Bar at the swimming pool.
In 2019, Boston Realty Advisors represented Hawthorne Ventures in the sale of what was known as the Roberts Collection of properties in Nantucket for $25.1 million. The buyer was Blue Flag Partners.
Also known as the Nantucket Portfolio, the sale included four buildings in the heart of Downtown Nantucket, with 200 feet of street front between Chestnut and India streets. The buildings consist of 60 rooms, prominent restaurant and retail space, and a large courtyard.
The property includes a Manor House with 15 rooms and retail space; a Gate House with 21 rooms; the Roberts House with 16 rooms; a Meeting House with eight rooms and retail space; and a Manor House with 15 rooms and retail.
Nantucket has been named the Best Island in the World in National Geographic’s “The 10 Best of Everything.”
Read full article on BLDUPTags: andrew herald, Boston Commercial Real Estate, Boston Commercial Real Estate News, Boston Realty Advisors, Daniel Dewing, hospitality, Jason Weissman, Kevin Benzinger, Nick Herz, Ryan McDonald