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
    (Facebook via The Palms Hotel Fire Island)
    Fire (Island) sale: Palms Hotel hits the market
    Fire (Island) sale: Palms Hotel hits the market
    The $18 million mansion (Sotheby's International Realty)
    Original Devon Colony mansion lists for the first time, asking $18M
    Original Devon Colony mansion lists for the first time, asking $18M
    George Filopoulos, Lloyd Goldman and Gurney’s Montauk hotel (Gurney's, Getty)
    Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
    Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
    Manhattan condo signings jump 65% in November, led by priciest homes
    Manhattan condo signings jump 65% in November, led by priciest homes
    Manhattan condo signings jump 65% in November, led by priciest homes
    (Bespoke Real Estate)
    Hamptons mansion featured on “Succession” trades for $45M
    Hamptons mansion featured on “Succession” trades for $45M
    Buyer in deal for oceanfront Wainscott home asking $37M
    Buyer in deal for oceanfront Wainscott home asking $37M
    Buyer in deal for oceanfront Wainscott home asking $37M
    Westbury apartment project scores 20-year tax break
    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
    arrow_forward_ios

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

    Loading...