PROVINESTOWN — The Dec. 22 sale of a nearly 100-year-old inn is “one of the most interesting hotel transactions in the world,” said John E. Siluzzi, president of Centerville real estate firm Premier Commercial. .
Provincetown Inn Sold to Plymouth-based hospitality company for $21,642,022 Linkris Capital PartnersAccording to the certificate filed in Barnstable County Register of Deeds.
Mr. Siluzzi’s company was hired to market and sell the resort at 1 Commercial Street. Shortly after being listed as available on August 18, the iconic hotel was at the center of intense competition with more than 50 international bidders, he said.
“Ultimately, the best suitor was the one who bought it. They have the local community, marketing experience and the ability to do something special there,” Ciluzzi said. .
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The Provincetown Inn’s prime waterfront location attracted the company, said Jeff Lang, Lynch’s vice president of operations. “The panoramic view of the waterfront is irreplaceably beautiful,” Lang said.
This inn is located at the west end of Commercial Street, overlooking the extreme end of Cape Cod National Seashore with views of Provincetown Harbor, Wood End Light, and Long Point Light.
He said the property will likely undergo a $3.5 million renovation over the next two years, with most updates occurring after Linklis’ first operating season, which runs from April to November.
“We want to spend a season evaluating and seeing what our guest needs are and how we can most significantly improve the physical hotel,” Lang said.
Linklis has been in the Provincetown market for more than 20 years, and the first of five hotels currently being purchased is Surfside Hotel and Suitesfollowed by Crown Point Inn & Spa, Blas Key Guesthouseand Harbor Hotel Provincetown
The company also owns Cape Codder Resort & Spa in Hyannis.
Lynch owns about 370 hotel rooms in Provincetown, including the 102-room Provincetown Inn, Lang said.
As of 2022, Provincetown’s total number of licensed guest rooms was 1,380, with a capacity of 3,371 people.
The number of “available licensed lodging rooms” in Provincetown has fluctuated over the years. According to a Feb. 7 report from Provincetown Tourism Director Anthony Fuccillo..
In 2017, 1,537 licensed rooms with a capacity of 3,694 people were recorded.
The report said some licensed accommodation is changing hands and being sold as private residences, with an increase in short-term rental properties.
Sales details
The property is valued at $13.9 million, according to town assessor’s office records.
This inn sits on over 6 acres and is adjacent to Pilgrim’s First Landing Park. The property includes more than 82,000 square feet of buildings, two honeymoon suites, 125 parking spaces, two restaurants, a pool, a private beach, six function rooms and banquet rooms, according to Premier Commercial. There is a place.
“Waterfront hotel properties are in great demand,” Ciluzzi said.
The sale includes land, buildings, businesses, equipment, improvements and branding.
History of the Provincetown Inn
The last time this inn was sold was 46 years ago.
The inn was founded in 1925 and was a new hotel with 28 guest rooms and a formal dining room, according to the release. Chester Peck purchased the inn in 1935.
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Ryokan began to take on their current form in the 1950s. More rooms were added, as well as an Olympic-sized pool shaped like a pilgrim’s hat. After running the inn for nearly 40 years, Peck has decided to retire. He sold the property in 1972, according to a history detailed by Premier Commercial.
Brooke Evans purchased the hotel in 1977. In 1999, Evan purchased this inn from his parents. Most recently, Evan and Lois Evans and general manager Derek Evans have been running day-to-day operations.
“Each hotel has its own unique characteristics, which adds diversity to the Provincetown portfolio,” Lang said.
Zane Razzaq writes about housing and real estate.please contact her zrazzaq@capecodonline.com. Follow her on X @zanerazz.
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