BOSTON, MA – Holliday Fenoglio Fowler, L.P. announced the $11.7 million financing of the 129-key Harbor Hotel Provincetown in Provincetown, MA.
The HFF team worked on behalf of the borrower, subsidiary entities of funds managed by Linchris Hotel Corporation, to secure a seven-year, fixed-rate acquisition loan through HarborOne Bank.
“We are so proud to be a part of this opportunity, and to provide the local decision making that it takes to help Linchris’ business grow,” said Scott Sanborn, EVP of HarborOne Bank.
The Harbor Hotel Provincetown is a three-building seasonal boutique hotel offering guestrooms and suites with sweeping views of Provincetown Harbor. The property is the largest hotel in Provincetown and offers premium hotel amenities, including an outdoor pool and patio, fire pit, cabana bar, pet-friendly rooms and on-site parking for hotel guests. Dining options at the hotel include the Whaler Lounge & Restaurant and The Cabana Bar. The property’s waterfront location at 698 Commercial Street is just east of downtown Provincetown, which is the northernmost tip of Cape Cod, approximately 50 miles from Boston. Additionally, The Harbor Hotel Provincetown is less than two miles from the ferry port, where ferries deliver tourists from Boston via a short one-and-a-half-hour ride. Provincetown is a vibrant community known for its arts scene, festivals and events, and beautiful beaches, which attract more than 60,000 tourists each summer.
The HFF debt placement team representing the borrower included managing director Greg LaBine and director Martha Nay.
“Harbor Hotel will afford Linchris the opportunity to utilize their proven track record of operating efficiency to greatly improve the bottom line performance of the hotel,” Nay said. “Their ownership of Surfside Hotel & Suites down the street will further enhance this strategy through even greater economies of scale. These themes enticed HarborOne to provide Linchris with an exceptional acquisition/reposition loan, one that accomplished a smooth and timely closing.”
Linchris Hotel Corporation is a 30-year old hotel management company with an outstanding reputation for high-quality and first-rate service. Located a short distance from Boston in Hanover, Massachusetts, Linchris operates its own hotels as well as offers management services to 3rd party investors.
HarborOne Bank is the largest state-chartered co-operative bank in New England, and serves the financial needs of consumer and business banking customers throughout Massachusetts and Rhode Island through a network of 23 full-service branches and through Commercial Lending Offices in Providence and Boston.