Montauk Life Montauk Life_June 2018 - Page 64

REAL ESTATE: ACCOMMODATIONS The Montauk Yacht Clu​​b is looking forward to another exciting season! NEW ROOMS AT THE BEACH T he recent acquisition of the MONTAUK YACHT CLUB by GURNEY’S is by far the most significant commercial real estate trans- action in the past 20 years here. Individually amongst the largest resorts on the East End, collectively they form a mega-resort that offers guests almost any amenity and competitors a platform that is almost impossible to compete against. In an area where first-class rooms are hard to find this union is a mas- ter stroke that promises to affect properties large and small from Montauk to Westhampton. To review, Gurney’s was the largest resort in Mon- tauk when bought by METROVEST, a NYC real es- tate development company helmed by George Fi- lopoulos, in 2012. With roughly 120 rooms scattered along a ten acre oceanfront property, three restau- rants, a variety of meeting and conference rooms and an integrated health spa/indoor pool complex it was one-of-a-kind. And although poorly maintained and managed for the last 20 years its singular combi- nation of location and facilities offered potential far in excess of its $25 million acquisition cost. As fate would have it while Gurney’s was being re- positioned the next-door Panoramic View came into play. A pristine, well-run resort that became a pawn in a complex Ponzi scheme, Filopoulos along with partner Lloyd Goldman of BLDG Management was able to snatch it up in 2000. That not just doubled the total number of rooms under Gurney’s control but added tremendous diversity of accommoda- tions. Panoramic stock of 120 units ranged from sin- gle rooms, suites, 2 & 3 bedroom co-op townhouses and 3 large cottages at ocean’s edge, more than 64 | Montauk Life | JUNE 2018 enough choices to suit any traveler’s fancy. Add in the Panoramic’s pristine grounds and 1000’ private beach and the totality of Gurney’s was enormous. Not one to rest long on any laurels, last year Gur- ney’s made another acquisition that expanded the brand when it bought the Newport Hilton. Not just the largest property, with 260 rooms, four restau- rants, pools, spa, fitness center and the largest meet- ing facilities in that area, it was amongst the finest in that world-renowned resort. Renamed Gurney’s Newport it has been rebuilt and re-branded into a worthy companion and regional counterpoint to the Montauk operation. Now we bring the Yacht Club’s 110 rooms, three restaurants, 300 deep-water boat slips, expansive meeting and conference rooms, retail wing and per- haps most importantly, 30 plus acres of rolling water- front grounds into the fold. The result is a series of interconnected properties that straddle ocean and harbor with more than enough rooms, dining oppor- tunities, staff and expertise to handle any social or corporate function that could conceivably target the Hamptons for an event. As with all mergers there is as well an economy of scale that can significantly lowers the cost of operat- ing all properties. From GM down to housekeeping duplication can be eliminated, purchasing lowered, organizational trees of all kinds pruned. On the in- come side the most significant improvement will be overlaying Gurney’s extremely successful LDV Hospi- tality food and beverage operations onto the Yacht Club’s restaurants and rooms. Perhaps most importantly, by re-branding the property Gurney’s will finally have put to rest the long-held notion that the Yacht Club was in fact some kind of Club to which the public was not wel- come. It might have been in 1927 when Carl Fisher built it but it stopped being private over 35 years ago! No matter, this year the welcome sign is out for everyone. And given the praise Gurney’s has earned expect this new destination to shine just as brightly! MORE  DEALS The opportunity to buy properties like the Yacht Club are few and far between in this relatively room thin area. But smaller properties do come onto the market with regularity and make their own mark. As examples, in East Hampton and Bridgehampton two smaller motels have changed hands this spring and are both being rebuilt, re-branded and repositioned for the 2018 season. Located midway between East Hampton Village and Amagansett the former East Hampton Inn is rapidly being redesigned and rebuilt into JOURNEY EAST HAMPTON 631-324-4550. The 25 total units, mostly large rooms with full baths and mini-fridges, once finished will be very contemporary in style and design largely in keeping with the neo-minimal- ist that is currently the rage here. The good sized grounds include a garden and pool. Most impor- tantly it adds two dozen modern rooms to the East Hampton inventory where rooms of any kind are in very short supply. Speaking of a village with few rooms, Bridge- hampton may actually have the smallest supply in the entire East End. Besides the 30 plus rooms of the very stately Topping Rose and 8 rooms at the cozy Bridgehampton Inn there is nothing more than a few smallish B&B’s from which to choose. ROOM AT THE BEACH 631-537-0197 doesn’t change this calculus, with only 10 units it simply upgrades your choices. Found across the street from the High School the former Bridge Inn has been restyled in crisp, colorful, contemporary hues, fixtures, fabric and feel. Each room and bath has a slightly different vibe, all feel homey in just the right Hamptons way. With some of the most beautifully manicured grounds in the area, compete with a very large and private pool, the real sizzle is as much outside as in. ■ www.MontaukLife.com