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Tri-State

Investors buy North Fork’s Greenporter hotel

Boston-based Blue Flag Partners purchase property for undisclosed price

Blue Flag Partners' Jason Brown with 326 Front Street
Blue Flag Partners' Jason Brown with 326 Front Street (LinkedIn, Getty, Greenporter Hotel)
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Feb 3, 2023, 4:46 PM

Blue Flag Partners purchased the three-star hotel at 326 Front Street in Greenport, the Suffolk Times reported. The seller of the North Fork establishment said she received interest from dozens of hotel companies, but sold to Blue Flag because she felt it had a commitment to “the quality of life for residents of small maritime towns.”

The sale price was not disclosed.

The Greenporter has 34 guest rooms and a restaurant, which will be open to the public in the summer. The hotel was built in the 1950s and is designed in the style of that era, but features up-to-date amenities.

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Blue Flag owns or operates several residential and hospitality properties in the New England region. Among them are Autocamp in Cape Cod, which features Airstream suites and luxury tents, as well as the 300-year-old Kelley House hotel in Martha’s Vineyard.

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In 2019, Blue Flag provided a $100 million equity commitment to hotel startup Life House, which used the funds to expand across the country. Life House works with investors to manage small hotels and relies on technology to automate and consolidate back-office operations.

Jason Brown, a managing partner at Blue Flag, doesn’t foresee making any changes to the Greenport property before the summer. Improvements could be made down the line, though. Deborah Rivera-Pittorino, the former owner, plans to remain involved in the hotel in some capacity.

Investors have sensed big opportunities in the North Fork hospitality sector, though locals haven’t always warmed to the outsiders seeking to transform sleepy inns into luxury hotels.

In Greenport alone, a number of hotels have sold in recent years, including the Menhaden,  the Sound View, the Silver Sands and the Harborfront Inn. Cape Resorts renovated the Pridwin, Shelter Island’s largest hotel, and reopened it in June.

One prominent investor making moves on the East End is Heath Freeman of Alden Global Capital. Last year his EHP Hospitality bought three marinas in the area.

— Holden Walter-Warner