CRANSTON– The Procaccianti Cos. recently bought the 56-room Chatham Wayside Inn, located in the heart of Cape Cod, Mass., for $18 million, according to public records.
The hotel has been in operation since 1860 at 512 Main St. in the seaside town of Chatham.
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Procaccianti Cos., a Cranston-based business that dates back to its founding as Procaccianti Associates in 1958, said the Chatham property will be managed by its hospitality management affiliate TPG Hotels, Resorts & Marinas, which recently moved its headquarters from Rhode Island to Maryland after acquiring another management firm called Marshall Hotels and Resorts Inc.
“The acquisition of this property in world-famous Cape Cod aligns perfectly with our strategic growth plan in the upscale boutique, independent and marina space,” said Rob Leven, chief investment officer of Procaccianti Cos. “Cape Cod, Massachusetts, and Chatham in particular, is among the top-performing leisure markets in the United States with tremendously high barriers to entry, which amplifies this acquisition as an extremely rare real estate investment opportunity.”
The Chatham Wayside Inn property includes two buildings, with the main building featuring 24 guestrooms and the 300-seat Wild Goose Tavern restaurant. The second building contains 32 guestrooms. The inn property also has 4,000 square feet of meeting/event space, an outdoor pool, a fitness center and an electric vehicle charging station.
David Oppenheim, the past owner of the Chatham Wayside Inn, said he feels confident selling to a company that will be “responsible stewards” to the historic property.
“We are extremely proud of what we’ve accomplished over the past 29 years,” Oppenheim said. “Our goal was to identify the right new owner to continue the legacy and connection to the community that we’ve been dedicated to for decades. We are very pleased with the Procaccianti Companies as our choice for the new ownership group. It became clear very early in the process that we share the same values, and we felt great with them since day one.”
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
