S & H Hotel Yarmouth Acquires The Cape Point Hotel in West Yarmouth, Massachusetts for $5.65 Million
Sean F. Driscoll | Cape Cod Times, Hyannis, Mass. | November 17, 2017 1:51pm
Nov. 16--WEST YARMOUTH -- The Cape Point Hotel, at 476 Route 28, sold recently for $5.65 million and its new owners plan a renovation that will being the 116-room property up to "the standards of a major national franchise," according to the real estate agent who brokered the deal.
The hotel was purchased by S & H Hotel Yarmouth LLC, which Carey Commercial owner Chuck Carey said is part of a partnership that owns about 70 hotels. The deal closed Nov. 6.
The property is on 2.95 acres and includes a 50-foot indoor pool, a whirlpool sauna, an outdoor pool, a video game room, an outdoor cabana bar and a picnic and barbecue area, according to the listing sheet. The initial asking price was $6.75 million.
Carey said the property was built by the sellers, Point LLC and Mindy Hellmich, in 1986 as part of a rush of indoor corridor motels constructed in Yarmouth at the time to beat a so-called "motel ban."
Financing was arranged by Charles DeSimone of The Cooperative Bank of Cape Cod; the transaction was closed by Hyannis lawyer Bernard Kilroy, Carey said.