Pharma CEO buys East Hampton’s Maidstone Hotel

UPDATED April 11, 7:15 p.m.: The Maidstone Hotel, an East Hampton staple, has sold in an off-market transaction.

Tilray Brands CEO Irwin Simon purchased the hotel and restaurant at 207 Main Street, Behind the Hedges reported, alongside hotelier and restaurateur Mayank Dwivedi. The price was just under $17 million, according to Jonathan Solomon, the principal broker at Manhattan-based Luxury New York Group, who represented the sellers, Jenny and Jonathan Baker.

The Bakers, who retained some ownership in the property, spent 15 years giving it what they call a “Scandinavian cozy” vibe since buying the property for an undisclosed amount in 2008. Simon and Dwivedi become only the fifth owner of the property since it was built in about 1840.

The property opened as a lodge before being transformed to a hotel and restaurant. There are 19 guest rooms, including several cottages, and the restaurant portion has 76 seats and a full bar.

The property has been closed during the Hamptons’ offseason. Simon and Dwivedi plan to reopen it next month, ahead of the Memorial Day holiday and unofficial start to the summer season in the East End.

It took 10 months for the off-market transaction to close. A Brown Harris Stevens team including Tony Cerio and Mitch Natter represented the buyer, and the Bakers were also represented by the law firm Levitt.

Tilray is primarily a pharmaceutical and cannabis company, but has been making waves in the Hamptons in recent months. The company last year acquired the Montauk Brewing Company, eyeing an expansion of the brand. Tilray owns a number of other alcoholic beverage makers, including SweetWater Brewing Company and Breckenridge Distillery.

“The Maidstone has a rich history and is a beloved institution in the community,” Solomon said in a statement. “We’re confident that the new owners will continue, and enhance its legacy.”

The Maidstone Hotel is the second commercial property in East Hampton to trade for an eight-figure sum in as many weeks. LVMH CEO Bernard Arnault paid $22 million for the property at 1 Main Street, the largest commercial transaction in the East End this year.

Correction: This story has been updated to reflect Tilray Brands CEO Irwin Simon, not the pharmaceutical company, was the buyer of the Maidstone Hotel.