Thursday, March 28, 2019

HFF closes sale and arranges financing for two boutique hotels in Nantucket’s historic downtown



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.  

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. 

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. 

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.

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.

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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