Nantucket investor agrees to buy landmark Edgartown hotels
A Nantucket-based real estate investment group headed by an island resident with interests in several luxury projects announced that it has signed an agreement to purchase the Harbor View Hotel and The Kelley House in Edgartown.
The sale of two of Edgartown's premier resort properties, including the Island's largest hotel, to Scout Real Estate Capital Limited Liability Corporation is expected to be completed by the end of the year, according to a press release issued Friday.
The seller is First Winthrop Corporation, a Boston-based real estate and resort management company. No purchase price was announced.
The Harbor View Hotel overlooks the entrance to Edgartown Harbor and Edgartown Light and is comprised of ten buildings. The historic hotel first opened in June 1891 and includes 130 rooms, a swimming pool, and a restaurant.
The Harbor View Hotel is one of two historic properites to be acquired by a Nantucketer. Photo by Susan Safford
The Kelley House, originally a tavern that dates to 1742, is located on Water and Dock Streets in the heart of Edgartown just a short walk from Memorial Wharf and the harbor. The six buildings include a restaurant and 60 rooms.
According to the press release, Scout Realty anticipates "significantly upgrading the physical appearance of the hotels, dramatically adding to the landscaping, and significantly increasing the level of service provided to its loyal patrons."
Alan Worden, the man behind the deal, has extensive experience in real estate investment and managing luxury properties. His focus is on the upscale.
He is president of Windwalker Real Estate, a Nantucket real estate company and manages Windwalker's advisory and investment businesses.
He is also vice president of The Westmore Club, a private luxury club on 12 acres that he helped develop. The club opened in 2005 and is built around the restored 1917 summer home of Alice Vanderbilt. The club includes an 18,000-square-foot fitness center and spa, pool, and private dining room.
Last spring a company headed by Mr. Worden and financed by Lehman Brothers, an international investment group, purchased the Wyndham Bermuda Resort and Spa.
In an interview with The Royal Gazette Bermuda published on April 21, 2006 Mr. Worden said his aim is to identify interesting tourism-related opportunities by focusing on the needs of sophisticated baby boomers and meeting their vacation and travel needs.
Mr. Worden has recently met with local Edgartown leaders, including Edgartown selectman Art Smadbeck. "It is probably at the end of the day going to be a positive for Edgartown," said Mr. Smadbeck. "The big concern that I think we would have as a town is, is this going to remain as a hotel and are people going to be able to rent the rooms? The answer that we have gotten so far is, yes, that there is not going to be a change of use."
In a prepared statement, Mr. Worden commented on the purchase of two historic Edgartown properties. "I have a passion for shingle-style architecture and chose to move to the islands several years ago, in part, because of my great respect for the historic designs that make up some of the most beautiful towns on the New England coast," he said. "Our team is committed to preserving these historic structures for future generations. At the same time, we'll also be reviewing what we might be able to do to enhance, or possibly even replace, the non-historic parts of the hotel built during the 1960s."