BOSTON– Holliday Fenoglio Fowler announced that it has closed the sale and arranged acquisition financing for The Veranda House Hotel Collection, two adjacent boutique hotel properties totaling 29 guest rooms in Nantucket, Massachusetts.
HFF represented the private sellers in the sale of the properties to affiliates of Procaccianti Companies. Additionally, HFF worked on behalf of the buyer to secure the 10-year, fixed-rate acquisition financing through Savings Institute Bank & Trust.
The Veranda House and Chapman House are located at 3 Step Lane within the heart of Nantucket’s historic downtown. Nantucket is an unparalleled luxury tourist destination who’s 82 miles of beaches and multitude of high-end boutiques and world class restaurants draw more than 400,000 visitors annually.
The hotels have an ideal in-town location within walking distance of the island’s ferry terminals, beaches, art galleries, historical landmarks and well-known restaurants. Veranda House, which was built in 1684 and most recently renovated in 2007, offers 18 guest rooms and a gourmet continental breakfast daily.
Additional amenities include personal verandas, evening turndown service, beach amenities, complimentary Wi-Fi, and concierge services. Originally built in 1830, Chapman House features 11 guest rooms renovated in 2012. Chapman House also offers gourmet continental breakfast daily as well as concierge services, beach amenities and complimentary Wi-Fi.
The HFF investment advisory team representing the seller included managing director Denny Meikleham, senior director Alan Suzuki and director Matthew Enright.
HFF’s debt placement team representing the borrower consisted of senior managing director Lauren O’Neil and director Martha Nay.
Procaccianti Companies is nationally ranked, fully-integrated alternative asset manager with a broad national platform having owned, developed, managed or financed investment real estate in more than 130 cities across 31 states coast to coast. Procaccianti Companies’ real estate platform encompasses investments across the risk spectrum from core and core plus, to opportunistic and value-add.
Pre-approved by all the leading global hotel brands, TPG Hotels & Resorts is an operator of hospitality assets across all chain scales with an historical portfolio of over 160 branded, independent and boutique hotels comprising nearly 30,000 guestrooms in 31 states.