A Threesome New England Hotel Portfolio Traded via JLL Hospitality Group
January 27, 2023
BOSTON — The JLL Hotels & Hospitality Group has closed the sale of a portfolio holding three recently renovated independent leisure hotels totaling 169 keys in high-barrier, drive-to New England markets. JLL represented the seller, Wardman Group, in the transaction. The portfolio was offered unencumbered by brand and management.
The JLL Hotels & Hospitality team representing the seller was led by Managing Director Alan Suzuki, Director Matthew Enright, and Analyst Emily Zhang, with local support from Senior Managing Director Jaime Fink and Managing Director Brooks Murphy.
“Vacation destinations throughout New England have performed exceptionally well post-pandemic. We were encouraged by the strong interest from both local and national investors for these unique and well-located boutique inns and resorts,” said Suzuki.
The first property in the portfolio was the Ocean Gate Resort, a 65-key resort in Southport, Maine. The resort features a full array of recreational amenities, including an outdoor heated pool and hot tub, canoes and kayaks launched from a private dock. The property is less than 10 minutes from downtown Boothbay Harbor, 75 minutes from Portland and three hours from Boston. The area is known for kayaking, boat tours, sailing, weddings, the Coastal Maine Botanical Gardens and delicious local seafood.
Included in the sale was the 57-key Seven Hills Inn in Lenox, Massachusetts. Completed between 1910 and 1950 the hotel is situated on 27 acres in the heart of the Berkshires and maintains the same Gilded Age style throughout the property’s three buildings. Located around 2.5 hours from Boston and New York City, guests frequent the area for its many museums, the famous Tanglewood music center, theatres, historic homes, hiking and fall foliage.
The final hotel within the portfolio is The Lodge at Mount Snow, which totals 47 keys, in West Dover, Vermont. The property is located on 1.25 acres at the base of Mount Snow within a short shuttle ride of the ski lifts. The area is also known for hiking, biking and motorcycling during the warmer months. Positioned less than 15 minutes from historic downtown Wilmington, which is known for a variety of dining options, a famous flea market and shopping and the Molly Stark State Park, this drive-to destination is reachable in 2 hours and 45 minutes from Boston and 4 hours and 15 minutes from New York City.
Seven Hills Inn, Lenox MA
The Lodge at Mount Snow, VT
