News for the Hospitality Executive
Acquired at Auction, New Owners of the 35-room Colonial
Inn of Martha's Vineyard
in Edgartown, Massachusetts Planning to Make Improvements
EDGARTOWN, Mass., April 8, 2010 - The Colonial Inn of Martha's Vineyard, a 34-room boutique hotel, condominium and retail complex on North Water Street, Edgartown, recently announced that it is under new ownership.
Martha's Vineyard Colonial Inn, LLC, purchased the historic Martha's Vineyard hotel, and complex in November at a foreclosure auction and closed on the property in December. The new ownership group had previously been members of ULF Edgartown, LLC, which had owned and operated the complex since 1999.
C.J. Rivard, a 17 year Edgartown resident and General Manager of the Colonial Inn since 2001, will continue to operate the complex for the new organization.
"The new ownership marks the start of an exciting next chapter in the history of the Colonial Inn," Rivard said. "We're committed to continuing to operate and expand the Inn as a premier Martha's Vineyard hotel destination, offering exceptional service, and lodging at a great value. I am pleased that our new owners recognize the value of local knowledge as well as friendly and consistent service, and are leaving our existing team of Martha's Vineyard hospitality professionals in place."
The new ownership group is also honoring all existing contracts with the complex's tenants, which include BlueFish boutique, Chescas restaurant, Cutting Crew Salon & Spa, and Eisenhauer Art Gallery. These businesses are not impacted by the change and will continue to operate as before.
In the last decade, the Colonial Inn of Martha's Vineyard has undergone several upgrades. The most significant of which was the establishment of the beautifully appointed Edgartown Residence Club, an intimate collection of one- and two-bedroom luxury suites available for purchase as fractional ownership or for individual rentals. The new ownership group will aggressively market the sale of the remaining fractional shares at the Edgartown Residence Club, and continue to operate the Colonial Inn seasonally as an affordable, Martha's Vineyard inn.
About Colonial Inn of Martha's Vineyard
Colonial Inn of Martha's Vineyard &
|Also See:||Scout Real Estate Capital Details Multi-year $77 million Restoration Plan for the Harbor View Hotel & Resort on Martha's Vineyard / May 2007|
|An Estate in Vermont, a Former Tavern on Martha’s Vineyard, An Old-world Florida Inn and an Art Deco Hotel in Milwaukee Added to Historic Hotels of America / March 2006|