Procaccianti Companies Expands Upscale Boutique Hotel Collection With Acquisition Of The Chatham Wayside Inn On Cape Cod
PROVIDENCE, RI– Procaccianti Companies, one of the nation’s premier real estate investment and services firms, today announced the acquisition of The Chatham Wayside Inn, located at 512 Main Street, Chatham, Massachusetts, in the heart of historic Cape Cod. The 56-room independent property will be managed by Procaccianti’s hospitality management affiliate, TPG Hotels, Resorts & Marinas. CBRE Hotels acted as exclusive advisor to the seller; purchase price and details regarding the transaction will not be disclosed.
“The acquisition of this property in world-famous Cape Cod (MA) aligns perfectly with our strategic growth plan in the upscale boutique, independent, and marina space,” states Rob Leven, chief investment officer of Procaccianti Companies. “Cape Cod, Massachusetts, and Chatham, in particular, is among the top-performing leisure markets in the United States with tremendously high barriers to entry which amplifies this acquisition as an extremely rare real estate investment opportunity.”
The Chatham Wayside Inn comprises two buildings. The Main Inn includes 24 guestrooms and is home to the upscale 300-seat Wild Goose Tavern and the second building containing 32 guestrooms. The Chatham Wayside Inn has approximately 4,000 square feet of functional meeting/event space, an outdoor pool, fitness center, and an electric vehicle charging station.
“We are extremely proud of what we’ve accomplished over the past 29 years,” states David Oppenheim, prior owner of the Inn. “Our goal was to identify the ‘right’ new owner to continue the legacy and connection to the community that we’ve been dedicated to for decades. We are very pleased with the Procaccianti Companies as our choice for the new ownership group. It became clear very early in the process that we share the same values, and we felt great with them since day one. They recognized the value we built and expressed their commitment to being responsible stewards of this tremendous asset.”
Procaccianti Companies has completed several recent acquisitions in the upscale independent and resort space, including Champlin’s Resort & Marina on Block Island (RI), Danford’s Resort, Marina & Spa in Port Jefferson (NY), Fisher Inn, Hadley House, and Parmer’s Resort in the Florida Keys, as well as multiple upscale boutique hotels in Nantucket (MA) including the Regatta Inn and the Veranda House.
Leven continues, “We see substantial opportunity to deploy our institutional-quality management platform to enhance the current infrastructure, programming, and operations at the property to unlock significant value.”