Just-sold Shelter Island hotel borrows $17M for transformation

Cape Resorts to make Pridwin Hotel and Cottages full-service, luxury establishment

Tri-State /
Oct.October 15, 2021 12:45 PM

Curtis Bashaw (Founder & Managing Partner, Cape Resorts), a view of Pridwin Hotel and Cottages from behind (partyslate.com, caperesorts.com)

The largest hotel on Shelter Island is getting a pricey makeover.

Fort Amsterdam Capital, in partnership with Tilden Park Capital Management, have closed on a $17.4 million first mortgage bridge loan to finance the recapitalization and renovation of the Pridwin Hotel and Cottages.

The loan will be used to transform the East End hotel into a full-service luxury resort featuring enlarged guestrooms, a spa and fitness center, a modernized lobby and a 100-seat restaurant and lounge. The renovation is expected to be finished in June 2022.

Cape Resorts recently acquired the hotel, but remains in partnership with the Petry family, which has owned and operated the business since 1961. It opened in 1927.

Cape Resorts is also the owner of Baron’s Cove in Sag Harbor and several hotels in Cape May, New Jersey including Congress Hall and the Virginia hotels.

The Pridwin Hotel is located on more than seven acres of Shelter Island’s Crescent Beach, overlooking the Shelter Island Sound. It has 49 rooms and 16 cottages.

In 2019, the Petry family proposed upgrading the hotel through a two-phase project — first the main building, then the cottages. They also proposed an activities center that could accommodate weddings and other events. However, the proposed renovations got some friction from the community and the Zoning Board of Appeals, according to the Shelter Island Reporter.

Shelter Island sits between Long Island’s North Fork and South Fork, accessible by ferry from both sides. A number of investors have purchased and upgraded North Fork hotels in recent years, including the Harbor Front Inn and Menhaden Hotel in Greenport, as the largely agricultural area becomes a bit more like its upscale counterpart to the south.





    Related Articles

    arrow_forward_ios
    Dave Grutman and Jeffrey Soffer
    WATCH: Jeffrey Soffer and Dave Grutman talk hospitality post-Covid and branching into Vegas
    WATCH: Jeffrey Soffer and Dave Grutman talk hospitality post-Covid and branching into Vegas
    (Bespoke Real Estate)
    Hamptons mansion featured on “Succession” trades for $45M
    Hamptons mansion featured on “Succession” trades for $45M
     Jeff Sutton of Wharton Properties, 25 West 34th Street in NYC (Google Maps)
    Jeff Sutton’s Midtown hotel project snags Sonder as first tenant
    Jeff Sutton’s Midtown hotel project snags Sonder as first tenant
    Terwilliger & Bartone managing partner Anthony Bartone and 461 Railroad Avenue in Westbury LI (Google Maps, Terwilliger & Bartone, iStock)
    Westbury apartment project scores 20-year tax break
    Westbury apartment project scores 20-year tax break
    Battle royale over East Hampton Airport rages on
    Battle royale over East Hampton Airport rages on
    Battle royale over East Hampton Airport rages on
    NYC hotels hoping for holiday business swell likely to be disappointed
    NYC hotels hoping for holiday business swell likely to be disappointed
    NYC hotels hoping for holiday business swell likely to be disappointed
    Clockwise from top left: 2875 Morningside Heights, 38-21 12th Street in Long Island City, 46 Nevins Street in Brooklyn (Google Maps)
    Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
    Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
    The site where senior housing was proposed (Google Maps, iStock)
    Given runaround by Oyster Bay, developer sells to storage firm
    Given runaround by Oyster Bay, developer sells to storage firm
    arrow_forward_ios

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

    Loading...