Provincetown, MA – In mid June 2010, Finard Properties and its affiliate Black Oak Realty Advisors acquired The Cape Inn Resort in Provincetown, MA from long-time owners Fred E. and Patricia Sateriale. The Burlington, MA based real estate investment and development firm also partnered with Turnstone Property in the transaction.
The Cape Inn Resort is a 139 room resort with three buildings situated on 4.5 acres overlooking Cape Cod Bay. The East End property is the largest hotel and events facility in Provincetown and includes a restaurant, café, lounge, outdoor pool with food and bar service, and sweeping oceanfront views.
The former Holiday Inn was built in two phases completed in 1968 (78 units) and 1974 (61 units) and includes interior and exterior access rooms. In addition to the 84-seat restaurant and 122-seat lounge, the hotel offers a total of 375 licensed seats among its several on-site food and beverage outlets.
“We a re excited about the opportunity to bring The Cape Inn Resort up to 21st century standards and very much want to work with the Town of Provincetown to create a product that is completely responsive to the needs of the community,” said Bill Finard, founder and partner of Finard Properties, LLC.
The investment group will update and renovate many of the hotel’s facilities over a two-year period and has teamed with Coventry Hotel Group to enhance operations.
The purchase price for this unique asset was $5.9 million including FF&E or approximately $42,500 per room. Boston Private Bank & Trust Co. provided $3.5 million in financing.