CHATHAM – A longstanding fixture of Chatman’s Main Street has sold to a real estate investment company.
In a figure first reported by the Cape Cod Chronicle, the Chatham Wayside Inn sold to the Rhode Island-based Procaccianti Companies last week for $18 million, according to the Barnstable County Registry of Deeds.
“We are extremely proud of what we’ve accomplished over the past 29 years,” previous owner David Oppenheim said.
Procaccianti Companies’ hospitality affiliate TPG Hotels, Resorts & Marinas will manage the 56-room location.
“Cape Cod, Massachusetts, and Chatham, in particular, is among the top-performing leisure markets in the United States with tremendously high barriers to entry which amplifies this acquisition as an extremely rare real estate investment opportunity,” chief investment officer Rob Leven said.
Last year, the town of Narragansett was considering legal action against Procaccianti Companies’ subsidiary PRI X over possibly breaching its lease agreement with the Rhode Island Department of Environmental Management when the company let the property of the former Lighthouse Inn fall into disrepair.
By Brian Engles, CapeCod.com NewsCenter
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