Hotels

Bridgeton Holdings lists two hotels in East Hampton


Left to Right: Journey East Hampton at 490 Pantigo Road in East Hampton; Marram Montauk at 21 Oceanview Terrace in Montauk (Journey East Hampton, Marram Montauk, Eastdil Secured)

Bridgeton Holdings has listed its two East Hampton hotels for sale.

The Manhattan-based hotel owner and developer wants 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.

Eastdil Secured is listed as the broker for both properties.

Asking prices were not disclosed, but people familiar with the market said resort hotels were performing well and Bridgeton properties could reach over $ 100 million.

Bridgeton manages the properties and wishes to continue in this role after the sale. Alternatively, he is willing to sell the hotels “without any branding or management,” according to the document.

In 2018, the company acquired then-motels in both locations, paying $ 32.5 million for the larger beachfront property and $ 5 million for the smaller, according to property records.

The company then invested more than $ 12 million to transform them into luxury resort hotels, beautifying all of the properties, including guest rooms and common areas. For the past two seasons, Cafe Mostrador Marram has offered Latin American fare to guests of the Montauk Boutique Hotel.

The pandemic has devastated the hospitality industry, but luxury hotels have recovered from the downturn much faster thanks to well-heeled leisure travelers. On the other hand, city hotels have struggled due to the shortage of business travelers.

In the week ending Nov. 6, New York’s hotel occupancy rate was 68.1 percent, a significant improvement from 36.4 percent a year earlier, according to STR. But the rate is still down from 92.6% in 2019.

Bridgeton’s listings follow two Montauk beachfront hotels that hit the market 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 the Walker Tribeca.