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Scout Real Estate Capital Details Multi-year $77 million Restoration
Plan for the Harbor View Hotel & Resort on Martha's Vineyard
EDGARTOWN, Mass., May 24, 2007 - Scout Real Estate Capital, LLC, announced the completion of the first phase of a multi-year $77 million restoration plan for the historic Harbor View Hotel & Resort on Martha's Vineyard. Scout's restoration and enhancement plan for the hotel is one of the largest ever on the Vineyard. Scout Real Estate Capital acquired the 124- room Harbor View Hotel and the neighboring 60-room Kelley House in December 2006.
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"Over the next several years we will be working to improve every aspect of these beloved hotels, and we have been very gratified by the positive feedback and encouragement we have received from our neighbors, townspeople, local officials and loyal guests," said Scout Real Estate Capital principal Alan Worden. "Our goal is to make the Harbor View Hotel & Resort the finest resort destination in New England."
    
The first phase of Scout's three-year restoration and enhancement program has focused on restoring the architectural integrity of the historic hotel by redesigning and redecorating common areas, completing five model guest suites, dramatically improving landscaping on the property and introducing new resort programs and amenities.
    
"We want to maintain the character, warmth and traditions of the Harbor View while at the same time making improvements where they are needed. We will be introducing resort amenities and services that sophisticated travelers have come to expect when they vacation," said Worden.
    
The Harbor View Hotel is a leading example of Edgartown's shingle-style architecture. Scout Real Estate has assembled an extraordinary team to restore and enhance the hotel, including Hart|Howerton, one of the nation's leading architecture firms, and interior designer Linda Woodrum, known for her work on HGTV Dream Homes and Coastal Living Idea Houses.
    
Returning guests and first time visitors will notice immediate improvements, including a beautifully redesigned lobby and hotel entrance, a restored outdoor porch, boasting scenic views of the harbor, a new casually sophisticated decor, and extensive new landscaping throughout the resort.
    
In the rear of the hotel grounds, two Captain's Cottages have been completely redesigned. Eight units have been converted into four generous one-bedroom (900 square foot) suites, each with a private garden and outdoor shower. The spacious suites will provide guests with extraordinarily comfortable, sophisticated accommodations. The remaining Captain's Cottages will be redesigned and renovated beginning in October 2007.
    
"This year we will be bringing wonderful new amenities to the resort, including a top-quality children's program and exciting new boating programs," said Worden. "In the years ahead, we hope to build a state-of-the-art fitness center and spa for our guests." The proposed spa and fitness center will require local approvals and permits before they can be built," Worden noted.
    
The Harbor View has long been considered the "Grand Dame" of Martha's Vineyard hotels. "We will continue to provide the same welcoming atmosphere and impeccable service our guests have come to expect while adding new world- class amenities to make the experience of staying at the Harbor View even better," said Worden.
    
"We are working closely with The Myriad Restaurant Group, one of the nation's premier restaurant management companies, to take our already outstanding dining options to a new level," said Worden. "The Myriad Restaurant Group has earned its reputation through noted restaurants such as Nobu, Tribeca Grill and Montrachet. Our goal is to offer one of the finest dining experiences on the East Coast."
    
"We are also working to upgrade the Harbor View's meeting facilities so we can better serve our business customers," said Worden. "We will be improving our meeting spaces, equipment and support services to enhance our ability to host productive business meetings, conferences and executive retreats. In addition, for guests who must stay connected while on the Vineyard, we plan to make several Dell laptops available in the lobby so guests can check email, download files, and print documents at one of our wireless printers."
    
The first phase of work is on schedule to be completed by mid-May, well in advance of the Vineyard's summer season.
    
"We've received more than a few email and telephone inquiries from long- term guests who have asked about owning a hotel guest suite at the Harbor View," said Worden. "We are actively considering offering ownership of hotel suites and expect to have more information available by late June. But first and foremost, the Harbor View will remain a hotel, and our focus is on improving the hotel and resort experience for our guests."
    
Hart|Howerton has also developed a new landscape architecture plan for the property, now being implemented by Donaroma's Nursery and Landscaping Service.
    
"Work on the hotel has been progressing very well, and I am certain returning guests will be delighted with the many positive changes," said Worden. "This is just the beginning of our efforts to ensure the Harbor View Hotel & Resort remains the best destination on Martha's Vineyard and on par with the world's finest coastal destinations."
    
Scout plans to continue improving the Harbor View Hotel and begin renovating the nearby Kelley House in October 2007, after the summer season has concluded.
 
The Harbor View Hotel. A Historic Martha’s Vineyard Landmark

During the height of whaling industry in the 1830s and 1840s, Edgartown became the Vineyard's wealthiest town. Whaling came to a virtual halt within seven years of the Civil War, and lacking hotels the town was completely unprepared for the sudden and resolute shift to becoming a resort destination. It was at this point that Edgartown made a concerted effort to become an important summer resort. A number of the citizens, with financial assistance from the town, built a railroad from the steamboat wharf in Cottage City to the Mattakesett lodge at Katama.

In 1891, Edgartown investors were making a second attempt by opening an impressive hostelry, The Harbor View Hotel on Starbuck’s Neck over looking the harbor entrance. The hotel was located at the end of North Water Street, where the ranks of the whaling captain’s homes came to an end.
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Dr. Thomas J. Walker, the towns leading physician and Reverend Luther T. Townsend led the new project. Both men bought 10 shares each capitalizing towards a $5,000 investment.

The shingle-style hotel opened in July 1891. The view from the broad hotel porch was spectaular. From most windows you could see the busy harbor and the island of Chappaquiddick. From the rear of the hotel, one could see Vineyard Sound and Cottage City (oak bluffs) in the distance.

The grand opening of the hotel was delayed until July 23rd 1891, when some four hundred invitations were issued to islanders who came along to mingle with the hotel guests for an evening they would never forget. That night the verandas were hung with Chinese lanterns, the parlors fancily decorated and the entire hotel was brightly illuminated. Mattie Josephine Atkins of Denver provided the entertainment. The string quartette of the Fitchburg Band provided music for dancing, which went on until late at night.

In 1893, depression hit the island of Matha’s Vineyard. The nation was beginning a steep financial downturn. Several buildings including two hotels in the Cottage City area burned down to the ground.

The first few years for the Harbor View Hotel weren’t easy. In 1895, another new manager was hired, and after two years in his position he bought out the owners of the hotel. Within a decade, he had doubled the Harbor View’s size. He also added tennis courts and turned the hotel into a profitable venture.

Scout Real Estate Capital, a Nantucket-based real estate company acquired the Harbor View Hotel in December 2006. 

Scout has begun a multi-year restoration program for the property, and is introducing new resort amenities designed to ensure the Harbor View Hotel & Resort remains the “Grande Dame” of Vineyard Hotels.

About the Harbor View Hotel
    
The Harbor View Hotel is Martha's Vineyard's largest hotel providing guests expansive views of Edgartown Harbor and overlooking Starbuck's Neck, Chappaquiddick Island, and the Edgartown Lighthouse. Originally opened in 1891, the Harbor View was recently voted "The Best Hotel on the Vineyard" by Martha's Vineyard Magazine and Cape Cod Magazine. The Harbor View Hotel is a wonderful example of shingle-style architecture. The hotel sits at the end of North Water Street in Edgartown, where it has welcomed families and returning guests for more than 100 years.
    
During the 2007 - 2009 off seasons, Scout Real Estate Capital LLC will be working to restore and enhance the hotel property, bringing new resort amenities to Martha's Vineyard. For more information, visit http://www.harbor-view.com.
    
About Scout Real Estate Capital, LLC
    
Scout Real Estate Capital, LLC, with offices on Nantucket and in New York City, focuses on developing unique leisure opportunities for sophisticated baby boomers.
    
Nantucket real estate entrepreneur Alan Worden leads Scout. A Massachusetts native, Worden majored in architecture at Hobart College and earned a Masters Degree in Real Estate from Columbia University's Graduate School of Architecture, Planning and Preservation.
    
In 2003, after ten years as a real estate investment banker in New York City, Worden moved to Nantucket and founded Scout. Worden is also a Principal in The Westmoor Club, a private field club located on Nantucket, and a world-class sailor who in 2000 sailed double-handed from Nantucket to New Zealand, a journey of 14,000 nautical miles.

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Contact:

Scout Real Estate Capital, LLC
http://www.harbor-view.com

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Also See: Kelley House and The Harbor View in Edgartown, Massachusetts Become Wyndham Luxury Resorts / Oct 2001
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