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| The Veranda House Hotel Collection, two adjacent boutique hotel properties totaling 29 guest rooms in Nantucket, MA |
BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF)
announces that it has closed the sale and arranged acquisition financing for The
Veranda House Hotel Collection, two adjacent boutique hotel properties
totaling 29 guest rooms in Nantucket, Massachusetts.
HFF represented the private sellers in the sale of the
properties to affiliates of Procaccianti Companies. Additionally, HFF
worked on behalf of the buyer to secure the 10-year, fixed-rate acquisition
financing through Savings Institute Bank & Trust.
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| Lauren O'Neil |
The Veranda House and Chapman House are located at 3 Step
Lane within the heart of Nantucket’s historic downtown. Nantucket is an
unparalleled luxury tourist destination whose 82 miles of beaches and multitude
of high-end boutiques and world class restaurants draw more than 400,000
visitors annually.
The hotels have an
ideal in-town location within walking distance of the island’s ferry terminals,
beaches, art galleries, historical landmarks and well-known restaurants.
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| Martha Nay |
Veranda House, which
was built in 1684 and most recently renovated in 2007, offers 18 guest rooms
and a gourmet continental breakfast daily.
Additional amenities
include personal verandas, evening turndown service, beach amenities,
complimentary Wi-Fi, and concierge services. Originally built in 1830,
Chapman House features 11 guest rooms renovated in 2012.
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| Alan Suzuki |
Chapman House also offers gourmet continental breakfast
daily as well as concierge services, beach amenities and complimentary
Wi-Fi.
The HFF investment advisory team representing the seller included
managing director Denny Meikleham, senior director Alan Suzuki
and director Matthew Enright.
HFF’s debt placement team representing the borrower
consisted of senior managing director Lauren O’Neil and director Martha
Nay.
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| Denny Meikleham |
About Procaccianti Companies
Procaccianti Companies (est. 1958) is nationally ranked,
fully-integrated alternative asset manager with a broad national platform
having owned, developed, managed or financed investment real estate in more
than 130 cities across 31 states coast to coast.
Procaccianti Companies’ real estate platform encompasses
investments across the risk spectrum from core and core plus, to opportunistic
and value-add.
Whether through structured real estate investment vehicles,
credit strategies, joint ventures, one-off acquisitions or ground-up
developments, our proven approach is characterized by a history of generating
above-market risk adjusted returns.
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| Matthew Enright |
About
TPG Hotels & Resorts
Pre-approved by all the leading global hotel brands, TPG
Hotels & Resorts is an operator of hospitality assets across all chain
scales with an historical portfolio of over 160 branded, independent and
boutique hotels comprising nearly 30,000 guestrooms in 31 states.
Today, TPG Hotels & Resorts is a top tier, U.S.-based
Hospitality Management Company actively engaged in hotel acquisitions,
operations, development, financing and asset repositionings across the country.
CONTACTS:
DENNY MEIKLEHAM
MA Lic. #009519748
HFF Managing Director
(617) 338-0990
LAUREN O’NEIL
HFF Senior Managing Director
(617) 338-0990
MATTHEW ENRIGHT
HFF Director
(617) 338-0990
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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