Hotel Online  Special Report

Capital Properties Acquires the Historic Chatham Bars Inn on Cape Cod
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. 
Renowned as an ultimate, year-round getaway, the Inn offers a variety of meeting and banquet facilities ideal for lavish destination weddings or other special events, as well as extensive conference space equipped with state-of-the-art audio visual technology. Celebrated local caterers and professional event planners wrap up every necessary detail. 

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 
Capital Properties is a privately-owned real estate investment, development and management firm founded by its president Richard Cohen in 1977 in Boston, Massachusetts. The company's portfolio of ongoing and completed projects includes premier residential and commercial properties in key markets such as Boston, New York and Washington, D.C. and is currently comprised of more than 4 million square feet of commercial space and 6,000 residential units. Focused on long-term property holds, the firm imparts its signature policy to each of its assets - providing superior tenant living and working environments through outstanding management and services. This commitment to excellence, combined with strong sponsorship and a value-added approach, has yielded unique properties with exemplary financial performances. The acquisition of Chatham Bars Inn marks Capital Properties' first hospitality real estate venture.


Chatham Bars Inn
Shore Road
Chatham, MA

Also See: Cape Cod's Ocean Edge Resort & Club Planning a $20 million Renovation; ClubCorp Contracted to Run the 335 room Resort / February 2006
John Murtha Appointed General Manager of Ocean Edge Resort & Club on Cape Cod / April 2006

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