Sale of three independent hotels in New England closes
JLL’s Hotels & Hospitality Group closed the sale of the leisure hotel portfolio totaling 169 keys
BOSTON, Jan. 26, 2023 – JLL’s Hotels & Hospitality Group announced today that it has closed the sale of a portfolio of three recently renovated independent leisure hotels totaling 169 keys in high-barrier, drive-to New England markets.
JLL represented the seller, Wardman Group, in the sale. The portfolio was offered unencumbered by brand and management.
The first property in the portfolio is the Ocean Gate Resort, a 65-key resort in Southport, Maine. Guest rooms offer ocean views and private balconies or decks. The resort features a full array of recreational amenities, including an outdoor heated pool and hot tub, canoes and kayaks launched from a private dock, a miniature golf course, fire pits with Adirondack chairs, bikes to explore the area and tennis and basketball courts. Positioned on 33 acres of woods and ocean-view vistas the property is less than 10 minutes from downtown Boothbay Harbor, 75 minutes from Portland and three hours from Boston. The area is known for kayaking, boat tours, sailing, weddings, the Coastal Maine Botanical Gardens and delicious local seafood.
Next is the 57-key Seven Hills Inn in Lenox, Massachusetts. Completed between 1910 and 1950 the hotel is situated on 27 acres in the heart of the Berkshires and maintains the same Gilded Age style throughout the property’s three buildings, which include the Manor House, Carriage House and Terrace House. The inn offers modern amenities, including an outdoor pool, life-size chess, a sitting area with firepits, recently renovated guest rooms with views of the gardens and two food and beverage outlets. Located around 2.5 hours from Boston and New York City, guests frequent the area for its many museums, the famous Tanglewood music center, theatres, historic homes, hiking and fall foliage.
The third hotel is The Lodge at Mount Snow, which totals 47 keys, in West Dover, Vermont. This ski lodge offers a variety of on-site amenities, including an indoor hot tub, outdoor pool, fitness center and the Trailhead Tavern. The property is located on 1.25 acres at the base of Mount Snow within a short shuttle ride of the ski lifts. The area is also known for hiking, biking and motorcycling during the warmer months. Positioned less than 15 minutes from historic downtown Wilmington, which is known for a variety of dining options, a famous flea market and shopping and the Molly Stark State Park, this drive-to destination is reachable in 2 hours and 45 minutes from Boston and 4 hours and 15 minutes from New York City.
The JLL Hotels & Hospitality team representing the seller was led by Managing Director Alan Suzuki, Director Matthew Enright and Analyst Emily Zhang, with local support from Senior Managing Director Jaime Fink (Vermont license VT-081096202) and Managing Director Brooks Murphy (Maine license DB923984).
“Vacation destinations throughout New England have performed exceptionally well post-pandemic. We were encouraged by the strong interest from both local and national investors for these unique and well-located boutique inns and resorts,” said Suzuki.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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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 Wardman Group
The Wardman Group is a boutique investment firm focused on the real estate sector and operating companies (OpCo’s). Started in 2016 as a hotel investment firm, the Wardman Group now focuses on general real estate investing in the broader DC market and on OpCo’s, including businesses synergistic with Chesapeake Bay Snacks.