A New England-based private equity firm has purchased the 16-room Menhadan hotel in Greenport Village, according to Behind the Hedges.
Connecticut-based Atlantic Equity Partners paid $8.3 million in late April for the property at 207 Front Street. That figures out to about $550,000 per key.
The firm purchased the hotel from Dan and Kristen Pennessi, the couple that opened it three years ago. The property includes a rooftop bar and deck and a restaurant.
Dan Pennessi said he and Kristen “weren’t really looking to sell,” but couldn’t pass up “a good deal” at the price.
Atlantic Equity managing partner Jonathan Hoenig said the firm wanted to invest in “one of the last up-and-coming leisure markets in New York and the Northeast,” and called the North Fork “the New Hamptons.”
The Hamptons hotel market has benefited from the overall real estate rush in the area. Some people are even offering others five figures for their booked rooms.
[Behind the Hedges] — Dennis Lynch