Bridgeton Holdings lists its 2 East Hampton hotels

Developer aims to cash in on luxury hotel market recovery

Tri-State /
Nov.November 15, 2021 01:00 PM

From left: Journey East Hampton at 490 Pantigo Road in East Hampton; Marram Montauk at 21 Oceanview Terrace in Montauk (Journey East Hampton, Marram Montauk, Eastdil Secured)

Bridgeton Holdings has listed its two East Hampton hotels for sale.

The Manhattan-based hospitality owner and developer wants to sell the 96-key Marram Montaul at 21 Oceanview Terrace and the 25-key Journey East Hampton at 490 Pantigo Road, according to marketing materials reviewed by The Real Deal.

Eastdil Secured is listed as the broker for both properties.

Asking prices were not disclosed, but people familiar with the market said resort hotels are performing well and Bridgeton’s properties could fetch north of $100 million.

Bridgeton is managing the properties and is interested in continuing in the role after the sale. Alternatively, it’s willing to sell the hotels “free and clear of brand and management,” according to the material.

In 2018, the company acquired then-old motels in both locations, paying $32.5 million for the larger oceanfront property and $5 million for the smaller one, according to property records.

The firm then invested more than $12 million to upgrade them into luxury resort hotels, sprucing up the entire properties, including guest rooms and common areas. For the past two seasons, cafe Mostrador Marram has provided Latin American fare for guests at the boutique Montauk hotel.

The pandemic devastated the hospitality industry, but luxury resort hotels have recovered from the downturn much faster thanks to well-heeled leisure travelers. On the other hand, urban hotels have struggled due to the dearth of business travelers.

As of the week ending Nov. 6, occupancy rate of the New York City hotels was 68.1 percent, a significant improvement from the 36.4 percent recorded one year prior, according to STR. But the rate still marks quite a fall from 92.6 percent in 2019.

Bridgeton’s listings follow two Montauk oceanfront hotels that hit the market last month. The 36-room Sands Motel at 71 South Emerson Avenue is asking $45.9 million, and the 30-room Ocean Surf Resort at 84 South Emerson Avenue is asking $25 million.

In addition to the East Hampton hotels, Bridgeton owns two boutique hotels in lower Manhattan: the Walker Greenwich and Walker Tribeca.





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