Boston Realty Advisors Selling Harbor Hotel Provincetown for Finard; 129-Key Inn Could Top $14MJune 15, 2018 — By Joe Clements
PROVINCETOWN—Just as the masses begin their annual sojourn to Cape Cod’s farthest reaches here, Finard Properties. is putting its seaside Harbor Hotel Provincetown on the block via Boston Realty Advisors, principals at the independent CRE brokerage firm acknowledge regarding an exclusive some say could deliver over $14 million. BRA Managing Director Nicholas M. Herz is spearheading the campaign pitching Provincetown’s largest inn, a 129-room contemporary facility whose footprint includes 10 luxury suites offering “premium” amenities such as their own pool and cabana bar.
“It is a compelling opportunity for many reasons, starting off by having a critical mass (of rooms) overlooking the Atlantic Ocean,” explains BRA founding principal Jason S. Weissman, head of the firm’s Capital Markets team which has a lengthy track record selling hospitality product throughout metropolitan Boston and beyond, including other Cape Cod hotels and inns on Martha’s Vineyard and Nantucket. “We are very excited by this fantastic (listing) which we think is going to get a ton of attention,” Weissman tells Real Reporter, Herz and him joined on the assignment by BRA Associate Director Kevin Benzinger.
Harbor Hotel denizens are afforded sweeping views of Provincetown Harbor, as its moniker suggests, and is immediately accessible to the area’s famed beaches stretching some 30 miles. “The location is truly unbeatable,” says Weissman, with the hotel a short walk to the historic downtown, that vibrant district replete with casual and fine dining experiences, plus art galleries and world-renowned shopping. Located along Route 6A at 688 Commercial St., Harbor Hotel has plenty of parking for guests, but the well-manicured, 4.5-acre campus setting also draws visitors coming through the nearby ferry terminal serving Boston.
There is no pricing guidance for Harbor Hotel Provincetown, and Weissman declined to assess market watchers anticipating a trade could bring $110,000 per key—eclipsing $14 million. Led by Chairman William G. Finard, Finard & Co. paid $5.1 million for the property in June 2010—eight years ago next week—then the Boston-based firm set about on a multi-faceted capital improvements program to bolster the holding’s standing on management and in its physical plant.
“Finard brought a lot of experience in hotels with them, and they did a great job to make this a very solid operation and a property which has an iconic place in the community,” Weissman says. Even so, he insists investors will find areas where value can be enhanced, an outlook aided by a lack of potential hotel development in the surrounding communities. “An opportunity of this size is very rare to find anywhere on Cape Cod . . . and there is nothing close to it in Provincetown,” adds Weissman.
A quick check of Harbor Hotel Provincetown’s website shows current rates of $199 per night for a room with two beds running up to $308 for HHP’s “Deluxe Bay View Suite” that accommodates four people in a 440-sf room including a large living room and providing direct views of the harbor.
Jason S. Weissman Nicholas M. Herz Kevin Benzinger