An exterior shot of The Menhaden on Front Street in Greenport. Courtesy: Meyer Jabara Hotels
Daniel Pennessi didn’t necessarily want to sell The Menhaden this year when a guest at the hotel made him an offer.
Jonathan Hoenig, managing partner of Atlantic Equity Partners, a New England-based real estate private equity firm, had visited the hotel several times before proposing to buy. After some discussions it had become clear that the two parties had come to an agreement that was favorable to all parties, said Pennessi.
After only two and a half years in business, the 16-room Front Street boutique is new owners this summer.
“It’s bittersweet for me and [my wife] Kristen, as we enjoyed building from the ground up and working with a great team, ”he said.
The terms of sale were not disclosed.
Meyer Jabara Hotels, which operates a wide range of hotels in 11 states, is now managing the hotel for the new group of owners. In a press release, MJH President Justin Jabara described The Menhaden as a “unique asset”.
“This property is charming and timeless,” he said.
The store has luxurious rooms, a gift shop and the only rooftop bar in Greenport. The Demarchelier family also runs a restaurant on site.
Each floor of the three-story hotel has a galley of free items, and guests receive free transportation by electric car and bicycles.
The hotel’s roof terrace is open exclusively to guests. Courtesy: Meyer Jabara Hotels
Hoenig and Pennessi both said the hotel remains in good hands under the new management team.
“Meyer Jabara brings generations of management experience and extensive knowledge of the US markets in which we want to invest,” Hoenig said in a statement. “Every member of their team is practical, approachable and thorough, from property managers to senior management and owners.”
Pennessi added that the sale of the maritime-style hotel is testament to the level of service his team has had over the first two years and to the North Fork’s growing popularity. The new management group said business continued to flourish during the pandemic and is making its biggest deal to date this year.
The Pennessis are part-time residents of the Orient and partners at Croteaux Vineyards in Southold.
They said they enjoyed bringing The Menhaden to Greenport.
The hotel was built on fallow land that had previously been a hotel in the 19th century. They received approval to develop the property in 2017 and the groundbreaking ceremony a year later. The building was constructed by the local companies Condon Engineering from Mattituck and Heidtmann & Sons in Cutchogue. It opened its doors in December 2018.
The Pennessis named the hotel The Menhaden to honor Greenport’s maritime history.
“Menhaden, also known as bunker fish, are arguably one of the, if not the most important, fish in the sea,” said Kristen Pennessi in 2018, adding that the Native Americans in the area used menhaden to fertilize their plants and the fish were also used for Lamp oil. “We just felt the connection from Menhaden to Greenport’s roots as a fishing village – we really liked the connection and thought it was a perfect fit.”
It is one of several Greenport hotels that have been on the same trail over the past few years. were sold to an investment group The soundview on Route 48 and the neighboring one Gasthaus at the harbor. Other hotels nearby, including American Beech, have expanded.
