Thursday, February 29, 2024
Home Travel Linchris company buys 5th hotel in Provincetown, diversifies portfolio

Linchris company buys 5th hotel in Provincetown, diversifies portfolio

by Staff

PROVINCETOWN — The Dec. 22 sale of a nearly 100-year-old inn is “one of the more interesting hotel deals in the world,” according to John E. Ciluzzi, president of Centerville real estate company Premier Commercial.

Provincetown Inn has been sold for $21,642,022 to Plymouth-based hospitality company Linchris Capital Partners, according to a deed filed with the Barnstable County Registry of Deeds.

Ciluzzi’s company was hired to market and sell the resort at 1 Commercial St. Immediately after it was listed as available on Aug. 18, the iconic hotel was at the center of a fierce competition between more than 50 international bidders, he said.

“Ultimately, the best suitor was the one that purchased it. They have local community, marketing experience, and the capacity to do something special there,” said Ciluzzi.

Linchris’ portfolio on Cape Cod

The Provincetown Inn’s prime waterfront location attracted the company, said Linchris Vice President of Operations Jeff Lang. “The panoramic views of the water are irreplaceable and beautiful,” Lang said.

The inn is at the western end of Commercial Street, overlooking the outermost tip of the Cape Cod National Seashore with views of Provincetown Harbor, Wood End Light and Long Point Light.

The property will likely undergo a $3.5 million facelift over the next two years, he said, with most of the updates taking place after Linchris’ first season of operation, which runs from April to November.

“We want to have one season to evaluate and see what the needs of guests are and how we could most significantly improve the physical hotel,” said Lang.

Linchris has been in the Provincetown market for more than 20 years, with the first of now five hotels purchased being Surfside Hotel and Suites, followed by Crowne Pointe Inn & Spa, Brass Key Guesthouse, and Harbor Hotel Provincetown

The company also owns Cape Codder Resort & Spa in Hyannis.

Including the 102-room Provincetown Inn, Linchris owns around 370 hotel rooms in Provincetown, according to Lang.

As of 2022, the total number of licensed rooms in Provincetown was 1,380 with a capacity of 3,371.

The number of “available licensed accommodation rooms” in Provincetown has fluctuated over recent years, according to a Feb. 7 report by Provincetown Tourism Director Anthony Fuccillo.

In 2017, 1,537 licensed rooms with a capacity of 3,694 were recorded.

Some licensed accommodations have changed hands and been sold as private residences, adding to the pool of short-term rentals, according to the report.

Details of the sale

The property is appraised at $13.9 million, according to records in the town assessor’s office.

The inn is on more than six acres, and next to the Pilgrims’ First Landing Park. The property has over 82,000 square feet of buildings with guest rooms that include two honeymoon suites, 125 parking spots, two restaurants, a pool, a private beach and six function and banquet rooms, according to Premier Commercial.

“There’s a big appetite for waterfront hotel properties,” said Ciluzzi.

The sale included the land, buildings, business, equipment, improvements, and brand.

Provincetown Inn’s history

The inn was last sold 46 years ago.

Established in 1925, the inn was a new hotel with 28 guest rooms and a formal dining room, according to the release. Chester Peck bought the inn in 1935.

Boxing and Provincetown Inn: A lasting match: Marvelous Marvin Hagler and Provincetown

The inn began to take on its present look in the 1950s. Additional rooms were added as well as an Olympic-sized pool in the shape of a Pilgrim’s hat. After nearly 40 years of running the inn, Peck decided to retire. He sold the property in 1972, according to the history detailed by Premier Commercial.

In 1977, Brooke Evans purchased the hotel. In 1999, Evan Evans purchased the inn from his parents. Most recently, Evan and Lois Evans and General Manager Derek Evans run the day-to-day operations.

“Each hotel has its own unique character to it. This adds more diversity to the portfolio in Provincetown,” said Lang.

Zane Razzaq writes about housing and real estate. Reach her at [email protected]. Follow her on X @zanerazz.

The Cape Cod Times mobile app gets you to the heart of the matter — fast. Whether breaking news, sports, entertainment or weather get succinct, personalized coverage along with award-winning videos, captivating photography, and interactive user features. Download the app.

Leave a Comment

Copyright ©️ All rights reserved. | Tourism Trends