The Atlantic Hotel (To Be Redeveloped)
Our largest acquisition to date is an incredible opportunity to redevelop, renovate, and rebrand this nearly 5-acre, 62-key hotel perfectly situated in the Hamptons. For this boutique hotel redevelopment, we used regulations and zoning to our financial advantage.
In the Hamptons, most local regulations prohibit stays for less than 30 days. Thus, hotel zoning is the way to ensure the legality of our short-term rental model for the long term. Further, the expensive homeownership cost creates a high barrier for individuals looking to purchase second homes in the area.
For this redevelopment, we are working with star designer Jonathan Adler to turn this property into a destination fit for the portfolio. The redesign will provide an opportunity to add amenities driving ancillary revenue, and the affluent clientele leave room for material price absorption for quality accommodations.