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The Lexvest Group Completes Acquisition of the 57-room
Cape Colony Inn in Provincetown, Massachusetts

Hotel to Remain Open Under New Management of Finard Coventry
Hotel Management with Renovation Planned


BOSTON, July 9, 2012 -- The Lexvest Group, a real estate investment and development company located in Shirley, MA, today announced the acquisition of Cape Colony Inn in Provincetown MA, for an undisclosed amount. The 57-room hotel will remain open under the new management of Finard Coventry Hotel Management, LLC, a full-service hotel operating and consulting company. Some immediate improvements have been made, with significant renovation work planned over the winter after the property closes for the season.

"Convenient to everything Provincetown has to offer, yet tucked away from the hustle and bustle on over two private acres, Cape Colony Inn has great potential," said Eric Shapiro, Principal, Lexvest Partners, who was familiar with the hotel from years of summering at his family's home in nearby Truro. "We look forward to working with Finard Coventry Hotel Management to breathe new life into the property and offer guests the best lodging value in Provincetown."

Finard Coventry Hotel Management owns and manages the nearby Harbor Hotel Provincetown with Whaler Lounge, which has gained acclaim locally and nationally for its inspired renovation and guest service.

Cape Colony Inn offers comfortable and affordable accommodations; a heated outdoor pool; nicely landscaped grounds with a picnic area, shuffleboard, and beach volleyball court; free WI-FI; ample parking; and a complimentary Continental breakfast. The property is located a few short blocks from Provincetown's incredible shops, restaurants, and arts and cultural attractions and offers the perfect vantage point from which to explore the vibrant downtown. Beautiful beaches are nearby, with access to dune tours and whale watches minutes away.

The property has been refreshed for the season with a new reservation system, enhanced landscaping, pool improvements, and guest room upgrades where needed. In addition, guests at Cape Colony Inn will appreciate such new in room amenities as coffee makers, alarm clocks, triple sheeted beds, and complimentary bath toiletries.

Jeremiah Hall has been named as General Manager of the hotel. Philip Scholl of Kinlin Grover Real Estate, Provincetown, MA and Sue Buerkel of Atlantic Sotheby Provincetown, MA served as brokers for the sale. Financing was provided by Cape Cod Five in participation with Bay Colony Development Corporation representing the SBA.

For more information about Cape Colony Inn and to make a reservation, visit capecolonyinn.com or call 800.841.6716. Cape Colony Inn is located at 280 Bradford Street, Provincetown, Cape Cod, Massachusetts.

 
Contact:

Lori Moretti or Meg Fitzgerald
CM Communications
617.536.3400
lmoretti@cmcommunications.com
mfitzgerald@cmcommunications.com


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