Procaccianti Companies Acquires The Chatham Wayside Inn — LODGING

March 31, 2022—Procaccianti Firms announced the acquisition of The Chatham Wayside Inn, situated in Cape Cod. The 56-space independent residence will be managed by Procaccianti’s hospitality administration affiliate, TPG Motels, Resorts & Marinas. CBRE Lodges acted as distinctive advisor to the seller obtain cost and particulars regarding the transaction will not be disclosed.

“The acquisition of this residence in entire world-famous Cape Cod aligns perfectly with our strategic growth strategy in the upscale boutique, independent, and marina space,” states Rob Leven, main investment officer of Procaccianti Providers. “Cape Cod, Massachusetts, and Chatham, in distinct, is amid the major-executing leisure markets in the United States with enormously superior limitations to entry which amplifies this acquisition as an extremely rare genuine estate expense chance.”

The Chatham Wayside Inn contains two properties. The Principal Inn involves 24 guestrooms and is residence to the 300-seat Wild Goose Tavern and the 2nd developing containing 32 guestrooms. The Chatham Wayside Inn has roughly 4,000 sq. toes of functional conference/occasion place, an out of doors pool, a physical fitness center, and an electric auto charging station.

“We are extremely proud of what we have accomplished about the previous 29 decades,” states David Oppenheim, prior operator of the Inn. “Our goal was to recognize the ‘right’ new operator to go on the legacy and connection to the local community that we’ve been devoted to for decades. We are extremely pleased with the Procaccianti Corporations as our preference for the new ownership group. It became apparent very early in the approach that we share the exact values, and we felt fantastic with them due to the fact day a single. They acknowledged the benefit we built and expressed their motivation to currently being accountable stewards of this great asset.”

Procaccianti Companies has completed quite a few the latest acquisitions in the upscale unbiased and resort space, together with Champlin’s Resort & Marina on Block Island, Rhode Island, Danford’s Vacation resort, Marina & Spa in Port Jefferson, New York, Fisher Inn, Hadley House, and Parmer’s Resort in the Florida Keys, as very well as a number of upscale boutique hotels in Nantucket, Massachusetts, which includes the Regatta Inn and the Veranda Property.

Leven proceeds, “We see considerable opportunity to deploy our institutional-quality management system to enhance the present infrastructure, programming, and operations at the residence to unlock sizeable price.”