Developers are going all-in on Hamptons luxury housing, with several high-end asset sales in recent months as well as expansions, renovations and rejigged branding stretching from Bridgehampton to Montauk.
A five-acre, turn-of-the-century hotel property in Southampton Village just hit the market for $23 million. The 58-room hotel contains eight buildings along Southampton’s Hill Street.“The sad reality is that places like this are just coming to an end,” Martin White, who has owned the hotel with his wife since 1975, told the Wall Street Journal.
The eventual buyer may take his cue from Randy Lerner, owner of the British soccer club Aston Villa, who is developing a new four-bedroom cottage at his Inn at Windmill Lane in Amagansett. Lerner is pricing the cottage at $4,900 per night, and will require guests to stay a minimum of seven nights.
And many developers are undertaking redevelopment projects in places like Sag Harbor, where Cape Resorts Group will spend about $21.5 million to buy and convert the 67-room Baron’s Cove Inn. [WSJ] – Hiten Samtani