Southampton’s Capri Hotel up for sale as part of trio

Steven Kamali, W South Beach owners look to unload recession-era portfolio

New York /
Dec.December 04, 2013 06:45 PM

A trio of hotel investors which snapped up Southampton’s famed Capri Hotel in 2011 is now looking to sell the property plus two other Hamptons hotels.

The partnership, which includes hotel investor Steven Kamali, the former owner of Montauk’s Surf Lodge, and W South Beach owners David Edelstein and Jackie Mansfield, has tapped commercial brokerage HFF to market the properties. HFF said it expects that the 143-key portfolio could fetch up to $20 million.

The brokers on the deal include Daniel Peek, a senior managing director at HFF, and Manny De Zarraga, executive managing director, as well as KC Patel, Elizabeth Schuster and Colin Oberg.

In addition to the 32-room Capri, which sits on 2.3 acres at 281 County Road, the portfolio also includes the Atlantic Hotel, a 62-room property on 4.6 acres at 1655 County Road, and the Bentley Hotel, a 40-room hotel on 2.6 acres at 161 Hills Station Road, all in Southampton.

It was not clear what the partnership paid for the properties in 2011. Kamali, speaking on behalf of the ownership, declined to comment.

“Our expectation is far less than the $500,000 per room trades that have occurred out in Montauk and in the Hamptons, albeit by the water,” said Patel of HFF’s pricing expectations.

For instance, he noted, the East Deck Motel at Ditch Plain in Montauk, a 30-key property, recently sold for $15 million in November.

“The opportunity is for someone to rebrand these assets. The potential is there to create a very end-user specific kind of destination,” he said, using examples like an Aveda Spa hotel or a destination wedding location for same-sex marriages.

While the owners invested “significant capital” into renovating the properties following their purchase in 2011, Patel said there’s still plenty of room for upside for prospective buyers.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Compass' Robert Reffkin (Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
More Compass layoffs to come by October
More Compass layoffs to come by October
Illustration of Loews Corporation's Jonathan Tisch and Taubman Centers’ Robert Taubman (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Tisch, other Hamptons billionaires shamed by water authority
Tisch, other Hamptons billionaires shamed by water authority
Corcoran's Tim Davis with 1116 Meadow Lane (Tim Davis Hamptons)
Estate trades for $48M on Meadow Lane — $9M above ask
Estate trades for $48M on Meadow Lane — $9M above ask
Housing, Collapse
Housing starts collapse under inflation, high rates
Housing starts collapse under inflation, high rates
Blend Labs ceo Nima Ghamsari (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Blend)
Digital mortgage firm Blend loses $478M, sheds more of workforce
Digital mortgage firm Blend loses $478M, sheds more of workforce
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...