NEW YORK, NY, Jan. 23, 2023 (GLOBE NEWSWIRE) — NEW YORK, NY – January 23, 2023… Certares Management LLC, a leading investment specialist dedicated to the travel, tourism, and hospitality sectors, has acquired the Sea Crest Beach Hotel. The 263-room independent resort is recently renovated and sits on a 700+ foot private stretch of beach along Buzzards Bay in Falmouth. As Upper Cape Cod’s only beachfront hotel, the 20-acre resort boasts breathtaking views, freshly modernized guest rooms and suites, a charming 3-bedroom cottage, premier onsite dining and bars, year-round activities, and spacious event space for meetings and events.
“We are excited to add this irreplaceable, historic asset to our growing portfolio, as well as continuing our investment partnership with HHM. This resort is truly unique in New England due to its proximity to Boston, expansiveness of beachfront real estate, and one-of-a-kind sunset views on the East Coast,” said Nolan Hecht, Senior Managing Director at Certares. “The Sea Crest has an almost 100-year old history as a premier leisure destination and community mainstay within the Boston area, and we look forward to owning an asset with such a strong local and regional presence,” added Mike Kusy, Director at Certares.
The resort falls within the Independent Collection, HHM’s portfolio of twenty-seven unique hotels and resorts. The hotel attracts a wide array of travelers to Cape Cod serving as a destination for romantic getaways, family vacations, special events, and personal retreats.
HHM will continue to operate the resort. “We are delighted to invest alongside Certares and to continue our focus on adding guest experiences, new amenities, and even capital improvements to an already great beach hotel,” said HHM President & CEO Naveen Kakarla. “This transaction follows our recent transaction with Certares to jointly purchase the Courtyard San Diego Downtown, and is a testament to the strong and growing relationship among our teams.”
Leader Bank, a Massachusetts-based financial institution with $3.9 billion in assets, provided financing for the transaction. “We are excited to support Certares and HHM by financing this valuable community resort, and look forward to its continued success under their stewardship,” said Matthew Pierce, Chief Lending Officer at Leader Bank.
Established in 2012, Certares focuses on direct investments in proprietary transactions, leveraging deep sector experience in the travel and hospitality industries, and with a consistent emphasis on partnership with management teams to drive growth. With approximately $8.8 billion of assets under management as of September 30, 2022, Certares brings together a team with decades of both operational and investment experience in private equity, travel, tourism, hospitality and travel-related business and consumer services. Since launching its real estate platform in early 2021, Certares has acquired ten hotels comprising over 2,100 keys across the country. For more information, please visit www.certares.com.
HHM is an award-winning hotel management and investment company that operates over 235 full-service and select-service hotels across the United States and Canada in virtually every major hospitality market from coast to coast. HHM is a leading manager of Marriott, Hyatt, IHG, and Hilton hotels, while also operating over 35 independent luxury and lifestyle hotels ranging from The Rittenhouse Hotel in Philadelphia to The Joule Hotel in Dallas to The Whitney Hotel in Boston. HHM’s highly experienced and stable operating team is known for being nimble, accountable, and entrepreneurial in how they drive market-leading results for owners including publicly traded companies, private equity firms, and family office investors. Additional information on HHM can be found at hhmhospitality.com and independentcollection.com
About Leader Bank
Founded in 2002, Leader Bank is a Massachusetts-based entrepreneurial financial institution that approaches banking differently. The core tenets of Leader Bank include world-class client service, exemplary products, and innovation to meet the needs of its clients. At its founding, Leader Bank had $6.5 million in assets – in the two decades since, the Bank has grown into one of the most successful financial institutions in the Commonwealth with $3.9 billion in assets. Leader Bank’s best-in-class team members have been at the forefront of supporting the Bank’s rapid growth and client-oriented solutions over the last two decades as the Bank has continued to expand its commercial and retail products and solutions. Leader Bank is a committed corporate citizen and prides itself on partnering with and supporting philanthropic organizations. More information on Leader Bank can be found at www.LeaderBank.com.