Southampton hotel trades for $14M ahead of revamp
Wyoming-based Stomp Capital picked up 62-room Atlantic
A hotel in Southampton is poised for a revamp after selling last week for $14 million.
Hampton Resorts, LLC sold The Atlantic at 1655 County Road 39 in Southampton in a deal closed April 12, Behind the Hedges reported. Wyoming-based Stomp Capital was the buyer of the property, Anthony Cerio of Brown Harris Stevens confirmed to The Real Deal.
Hampton Resorts reportedly picked up the property in 2015 for $5.7 million. The four-acre property includes 62 hotel rooms, a dining area, heated pool, an outdoor lounge area and a couple of tennis courts. It is located a short drive from local beaches.
Stomp managed to come in under the last asking price of $17 million. The private equity real estate fund has other properties in California, West Palm Beach and North Carolina, but this is its first purchase in New York.
The fund’s plans for the hotel aren’t immediately clear, but Cerio told Behind the Hedges that the buyer has “big plans” to turn the property into the “‘go to’ destination in the Hamptons.” The hotel was built in the 1950s and formerly known as the Sandpiper.
A trio of hotel investors previously looked to sell the hotel as part of a three-property portfolio, along with the famed Capri Hotel and the Bentley.
The partnership, which included Steven Kamali, the former owner of Montauk’s Surf Lodge, and W South Beach owners David Edelstein and Jackie Mansfield were hoping to get up to $20 million for the portfolio.
Celebrity lawyer Mark Geragos ultimately bought the Capri for $4.7 million in 2015. Meanwhile, the Bentley sold for $6.1 million last year to Southampton Hotel Realty LLC in one of the biggest commercial sales of the year, according to Behind the Hedges.
[Behind the Hedges] — Holden Walter-Warner