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for $166 million; First Hospitality Venture for Capital Properties |
| NEW YORK - June 6, 2006 -- Capital Properties, the New York-based residential
and commercial real estate development and management firm, has purchased
the historic Chatham Bars Inn on Cape Cod. Per the agreement signed with
Great American Life Insurance Company, a Cincinnati-based insurance and
financial holding company and the property's former owner, the final sale
price stood at $166 million. The transaction marks the first venture into
hospitality real estate for Capital Properties and represents a unique
investment opportunity for the company to acquire an irreplaceable asset
with both short and long term promise. Capital's intentions for the charming
oceanfront property involve its development into a premier, five-star resort
through extensive renovations and the institution of impeccable customer
service standards.
"This year-round landmark resort holds a lot of personal significance
for me," said Richard Cohen, founder and President of Capital Properties.
"I grew up in Brookline, Massachusetts and continue to maintain offices
in Boston, so my ties to the East Coast remain strong, as does my commitment
to maintaining the charm and integrity of this historic gem. But I also
look forward to developing its amenities and service standards to the level
of a fine five-star resort. My primary rationale for the purchase was the
property's potential for this kind of expansion."
 Over the next year, Capital Properties will oversee a series of extensive renovations on the property, extending from major additions to the smallest comfort detail. While retaining the services of the current management team to ensure a seamless transition to the new ownership, a concerted effort will be launched to refine all aspects of the resort's service standards and luxury amenities, elevating them to the most superior level. Some of the more immediate upcoming changes include the opening of a full-service Spa, featuring 12 new spa suites with private access to the facility. The Spa will be open year-round and offer tailor-made packages for groups and events. Another exciting addition is the Beach House Bar & Grill, with gourmet, alfresco dining on the Atlantic Ocean. A noted Historic Hotel of America and a member property of Leading Hotels
of the World, Chatham Bars Inn is New England's celebrated oceanfront resort
and a classic Cape Cod landmark. Consistently maintained and updated since
its initial construction in 1914, the historic Main Inn sits gracefully
atop a seaside bluff, offering spectacular views of Pleasant Bay and the
Atlantic. Two hundred and seventeen distinctively appointed guestrooms
occupy this main building, including 68 sumptuous suites, each designed
to preserve an elegant turn-of-the-century ambience. Nestled throughout
the property's 25 acres of lush landscaped grounds bordered by meandering
beaches are 34 quaint Cape-style cottages offering guests an exceptional
level of privacy and housing luxurious guestrooms and master suites.
Dining possibilities abound at Chatham Bars Inn, affording guests a rich selection of culinary adventures - from the lively milieu of the upcoming Beach House Grill or the customized meals of the Chef's Table and Wine Cellar to the more traditional ambience of the Main Dining Room's ocean views or The Tavern's intimate fireside tables. The Inn's quarter-mile private beach is set with umbrellas and cabanas; the perfect spot for guests to soak up the Atlantic sun and surf. Meanwhile, an abundance of area activities include such popular Cape activities as golf, tennis, fishing and water sports. Among the array of family programs available at the Inn, the award-winning children's programs are unparalleled. About Capital Properties
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Chatham Bars Inn
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