Investor acquires independent resort in popular Cape Cod town
JLL Capital Markets closed the sale of and secured financing for Cape Codder Resort & Spa
BOSTON, Dec. 13, 2022 – JLL Capital Markets announced today that it has closed the sale of and secured acquisition financing for Cape Codder Resort & Spa, a 266-key hotel in Hyannis, Massachusetts on Cape Cod.
JLL represented the seller, Catania Hospitality Group, in the sale to Linchris Hotel Corporation. In addition, JLL represented Linchris and worked with long-time partner Tristan Pierce, FVP Commercial Lending at HarborOne Bank to secure their financing. The hotel was offered unencumbered by brand and management.
Cape Codder Resort & Spa amenities include 18,000 square feet of meeting and event space, a waterpark, fitness center, on-site spa, seasonal indoor/outdoor swimming pools, pickleball court, internal courtyard and a gift shop. In addition, the resort has four food and beverage outlets, including Grand Cru Restaurant, Hearth n’ Kettle Restaurant, The Deck and Gazebo Café. Most recently renovated in 2008, the hotel offers a mix of traditional guest rooms and luxury suites.
The resort is located in Hyannis, the largest of the seven villages of Barnstable County and a key tourism destination on Cape Cod for residents of Boston, Providence and more. The coastal town is known for its cultural arts district, beaches, recreational boating and commercial fishing. Cape Codder Resort & Spa further benefits from the area’s historical landmarks, including the John F. Kennedy Hyannis Museum, Memorial and Kennedy Compound, as well as the Veterans Memorial Park and Korean War Memorial. The town is accessible via Route 6 and is served by two ferries that depart 2.8 miles from the hotel providing access to Nantucket and Martha’s Vineyard. Furthermore, the Barnstable Municipal Airport offers year-round flights between Hyannis and Boston Logan International Airport.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Alan Suzuki and Senior Director Matthew Enright.
“It is our privilege at JLL to successfully facilitate once-in-a-lifetime sales on behalf of local owners who have been so devoted to the area’s tourism industry,” said Suzuki.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Greg LaBine and Senior Director Amy Lousararian.
“The competitive financing process shows that there is still ample liquidity in the local banking market for well-located assets like the Cape Codder,” said Lousararian.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Catania Hospitality Group
Catania Hospitality Group is a family owned and operated business that includes seven restaurants, two hotels, two spas, two gift shops, an indoor water park and a fractional ownership residence club. The group was started in 1973 by V.J. Catania with one Hearth ‘n Kettle Restaurant in Falmouth, Massachusetts.
About Linchris Hotel Corporation
Linchris, based in Plymouth, Massachusetts is a hotel investment and management firm founded in 1985. The company currently operates 30 properties with more than 4,700 rooms, under several brand names in 12 states.
About HarborOne Bank
HarborOne Bank is headquartered in Massachusetts, with $4.99 billion in assets. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 31 full-service branches, and two commercial loan offices in Boston and Providence. The Bank also provides a range of educational resources through “HarborOne U,” with free digital content, webinars and recordings for small business and personal financial education. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with offices throughout Massachusetts, Rhode Island, and New Hampshire and is licensed in seven additional states.