February 7, 2018
This award-winning company combines historic architectural integrity with a warm, rustic ambiance. The property consists of a full-service 200-seat contemporary restaurant with an additional 100 seats outside on the deck, a cocktail lounge and wine cellar, 46 guestrooms, ballroom versatile meeting/event spaces, and an on-site ceremony space. The property is situated in an impeccably restored 19th century building overlooking the banks of an iconic river. The inn, restaurant and real estate are all included in this transaction.
The Company serves the leisure, wedding and business markets. Its one-of-a-kind property is bordered on three sides by water and is the only waterfront facility in the area. The property attracts an affluent regional customer base from several major urban areas that are a short drive away. The restaurant and ballroom contribute about 78% of annual revenue and the hotel accounts for 22%.
Management has completed many upgrades to the property, facilities and programming over the past few years – and improved the ambience of the restaurant. Additionally, a more upscale menu has also helped attract a greater number of new and repeat patrons. The addition of a conference room for business meetings has been a key success factor in growing business at the hotel. The Company’s current market share is about 65%, based on the total number of upper mid-priced, full-service hotel rooms within its market.
The Company regularly turns away a growing number of customers and could add a 115,000 square foot building adjacent to its property. The adjacent site could also be developed as a mixed-use project with luxury condos on the upper floors and ground-floor commerce.