NEW YORK, NY, Jan. 23, 2023 (GLOBE NEWSWIRE) — NEW YORK, NY – January 23, 2023… Certares Administration LLC (along with its associates, “Certares”), a number one funding specialist devoted to the journey, tourism, and hospitality sectors, has acquired the Sea Crest Seashore Lodge. The 263-room impartial resort is lately renovated and sits on a 700+ foot non-public stretch of seaside alongside Buzzards Bay in Falmouth. As Higher Cape Cod’s solely beachfront lodge, the 20-acre resort boasts breathtaking views, freshly modernized visitor rooms and suites, a captivating 3-bedroom cottage, premier onsite eating and bars, year-round actions, and spacious occasion house for conferences and occasions.
“We’re excited so as to add this irreplaceable, historic asset to our rising portfolio, in addition to persevering with our funding partnership with HHM. This resort is actually distinctive in New England as a result of its proximity to Boston, expansiveness of beachfront actual property, and one-of-a-kind sundown views on the East Coast,” stated Nolan Hecht, Senior Managing Director at Certares. “The Sea Crest has an nearly 100-year previous historical past as a premier leisure vacation spot and neighborhood mainstay inside the Boston space, and we look ahead to proudly owning an asset with such a robust native and regional presence,” added Mike Kusy, Director at Certares.
The resort falls inside the, HHM’s portfolio of twenty-seven distinctive resorts and resorts. The lodge attracts a big selection of vacationers to Cape Cod serving as a vacation spot for romantic getaways, household holidays, particular occasions, and private retreats.
HHM will proceed to function the resort. “We’re delighted to take a position alongside Certares and to proceed our give attention to including visitor experiences, new facilities, and even capital enhancements to an already nice seaside lodge,” stated HHM President & CEO Naveen Kakarla. “This transaction follows our latest transaction with Certares to collectively buy the Courtyard San Diego Downtown, and is a testomony to the sturdy and rising relationship amongst our groups.”
Chief Financial institution, a Massachusetts-based monetary establishment with $3.9 billion in belongings, supplied financing for the transaction. “We’re excited to assist Certares and HHM by financing this precious neighborhood resort, and look ahead to its continued success below their stewardship,” stated Matthew Pierce, Chief Lending Officer at Chief Financial institution.
Established in 2012, Certares focuses on direct investments in proprietary transactions, leveraging deep sector expertise within the journey and hospitality industries, and with a constant emphasis on partnership with administration groups to drive development. With roughly $8.8 billion of belongings below administration as of September 30, 2022, Certares brings collectively a group with a long time of each operational and funding expertise in non-public fairness, journey, tourism, hospitality and travel-related enterprise and shopper providers. Since launching its actual property platform in early 2021, Certares has acquired ten resorts comprising over 2,100 keys throughout the nation. For extra info, please go to.
HHM is an award-winning lodge administration and funding firm that operates over 235 full-service and select-service resorts throughout america and Canada in just about each main hospitality market from coast to coast. HHM is a number one supervisor of Marriott, Hyatt, IHG, and Hilton resorts, whereas additionally working over 35 impartial luxurious and life-style resorts starting from The Rittenhouse Lodge in Philadelphia to The Joule Lodge in Dallas to The Whitney Lodge in Boston. HHM’s extremely skilled and steady working group is thought for being nimble, accountable, and entrepreneurial in how they drive market-leading outcomes for house owners together with publicly traded firms, non-public fairness companies, and household workplace buyers. Extra info on HHM may be discovered at hhmhospitality.com and independentcollection.com
About Chief Financial institution
Based in 2002, Chief Financial institution is a Massachusetts-based entrepreneurial monetary establishment that approaches banking otherwise. The core tenets of Chief Financial institution embrace world-class shopper service, exemplary merchandise, and innovation to satisfy the wants of its purchasers. At its founding, Chief Financial institution had $6.5 million in belongings – within the twenty years since, the Financial institution has grown into one of the vital profitable monetary establishments within the Commonwealth with $3.9 billion in belongings. Chief Financial institution’s best-in-class group members have been on the forefront of supporting the Financial institution’s fast development and client-oriented options during the last twenty years because the Financial institution has continued to develop its business and retail merchandise and options. Chief Financial institution is a dedicated company citizen and prides itself on partnering with and supporting philanthropic organizations. Extra info on Chief Financial institution may be discovered at www.LeaderBank.com.