Bridgeton Holdings has put its two East Hampton hotels up for sale.
The Manhattan-based hotel owner and developer plans to sell the 96-key Marram Montaul at 21 Oceanview Terrace and the 25-key Journey East Hampton at 490 Pantigo Road, according to marketing materials reviewed by The Real Deal.
Ostdil Secured is listed as a broker for both properties.
The asking price was not disclosed, but people familiar with the market said resort hotels do well and Bridgeton’s properties could raise over $ 100 million.
Bridgeton is managing the properties and is keen to continue the position after the sale. Alternatively, it is ready to sell the hotels “free and free of brand and management,” according to the material.
In 2018, the company acquired former motels in both locations and paid $ 32.5 million for the larger oceanfront property and $ 5 million for the smaller one.
The company then invested more than $ 12 million in upgrading them to luxury resort hotels and refurbishing the entire property, including guest rooms and common areas. For the past two seasons, Café Mostrador Marram has been offering Latin American cuisine to guests of the Montauk boutique hotel.
The pandemic has devastated the hospitality industry, but luxury resort hotels have recovered from the downturn much faster thanks to well-heeled vacationers. City hotels, on the other hand, are struggling due to the lack of business travelers.
In the week ending November 6, the occupancy rate of the hotels in New York City was 68.1 percent, according to STR, a significant improvement over the 36.4 percent in the previous year. But the rate still marks quite a decline from 92.6 percent in 2019.
Bridgeton’s listings are followed by two Montauk Hotels by the sea that came out last month. The 36-room Sands Motel at 71 South Emerson Avenue is asking for $ 45.9 million and the 30-room Ocean Surf Resort at 84 South Emerson Avenue is asking for $ 25 million.
In addition to the hotels in East Hampton, Bridgeton has two boutique hotels in Lower Manhattan: the Walker Greenwich and Walker Tribeca.
Contact Akiko Matsuda