|By Josh Brown, The Virginian-Pilot,
Norfolk, Va.McClatchy-Tribune Regional News
May 23, 2012--A partnership between two Connecticut-based companies has purchased The Sanderling Resort & Spa in Duck, N.C., according to a news release.
Hotel investment company Northview Hotel Group LLC and asset management company Five Mile Capital Partners LLC purchased the resort from affiliates of Turnpike Properties, which had developed the Outer Banks property and owned it for more than 20 years.
Terms of the deal, which closed last week, were not disclosed. The real estate associated with the transaction, which includes 14 separate parcels, sold for $13.7 million, according to Dare County land transfer records.
The deal includes the 88-room hotel, two restaurants, 5,000 square feet of meeting space, a 14,000-square-foot spa and five homes, according to the release from commercial real estate company CBRE -- Hampton Roads, which brokered the deal.
Northview Hotel Group's management affiliate, NVHG Management, will operate the resort and is planning on "upgrading the resort's amenity package" during the winter season, according to the release.
Doug Henkel, a hotel broker for CBRE, said the deal was part of a plan to liquidate some of the assets of Turnpike Properties, a company founded by Winston-Salem, N.C.-based developer Earl Slick. He died in 2007.
(c)2012 The Virginian-Pilot (Norfolk, Va.)
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