Bridgeton Holdings has listed its two East Hampton hotels for sale.
Manhattan hospitality owner and developer wants to sell the 96-key Marram Montaul at 21 Oceanview Terrace and 25-key Journey East Hampton at 490 Pantigo Road, according to marketing materials reviewed by The Real Deal.
Eastdil Secured is listed as a mediator for both properties.
Asking prices were not disclosed, but people familiar with the market said resort hotels are doing well and that Bridgeton properties could fetch upwards of $100 million.
Bridgeton manages real estate and is interested in continuing in the role after the sale. Instead, it wants to sell hotels “free of charge, free of branding and management,” according to Article.
In 2018, the company acquired then-old motels at both locations, paying $32.5 million for larger oceanfront properties and $5 million for smaller properties, according to property records.
The company then invested more than $12 million to upgrade it to luxury resort hotels, beautifying the entire property, including guest rooms and common areas. For the past two seasons, Café Mostrador Marram has served Latin American fare to guests at the Montauk Boutique Hotel.
The pandemic has devastated the hospitality industry, but luxury resort hotels have recovered from the downturn faster thanks to wealthy leisure travelers. On the other hand, urban hotels have suffered due to the dearth of business travelers.
As of the week ending November 6, the occupancy rate for New York City hotels was 68.1 percent, a significant improvement from the 36.4 percent recorded one year earlier, according to STR. But the rate is still a significant drop from 92.6 percent in 2019.
Bridgeton’s listings come on the heels of two Montauk oceanfront hotels that hit the market last month. The 36-room Sands Motel at 71 South Emerson Avenue is asking for $45.9 million, and the 30-room Ocean Surf Resort at 84 South Emerson Avenue is asking for $25 million.
In addition to its East Hampton hotels, Bridgeton owns two boutique hotels in Lower Manhattan: Walker Greenwich and Walker Tribeca.