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3 Southampton hotels for sale

The Atlantic Hotel in Southampton

The Atlantic Hotel in Southampton

A bankruptcy judge has cleared the way for the September sale of three Southampton hotels, court records show.

With more than 130 rooms, the Atlantic, Capri and Bristol hotels represent 43 percent of the comparable-room rental market in Southampton, the broker, Massey Knakal Realty Services, said.

“It's very rare that such a concentration of assets becomes available, and this is an outstanding opportunity for someone to make a mark on the hospitality industry in the Hamptons,” said Robert Knakal, chairman of the Manhattan real estate company.

The hotels are former motels renovated in 1999 and 2000 by David Waksman, managing member of the parent company Hampton Resorts & Hospitality Llc.

The Atlantic, above, at 1655 Rte. 27, is valued at about $7 million. The Bristol, at 161 Hills Station Rd., is valued at about $5 million. And the Capri — once home to the Pink Elephant nightclub — at 281 Rte. 27, is valued at about $4.5 million.

So far the properties have attracted one preliminary stalking-horse bid — an offer that sets a minimum level for all future bids. The offer, for the Capri, is from Manhattan restaurateur Giuseppe Tuosto, who offered $4.3 million.

The hotel owner’s liabilities total $8.6 million in secured debt and $1.3 million in unsecured debt. The hotel’s operations while in bankruptcy are supervised by a court-appointed receiver, Ronald J. Rosenberg of Garden City. The case is filed in U.S. District Court in Central Islip.

The hotels’ mortgage holder, UBS Real Estate Investments Inc., foreclosed March 8.
The Atlantic has 62 rooms on 5 acres with two tennis courts and a pool. The Capri has 30 rooms and a vacant nightclub building. The Bentley, with 40 rooms on 3 acres, may be converted into condominiums, the broker said.

Knakal said he expects the hotels to be sold separately.

His company brochure adds, “These properties cater to a wealthy, sophisticated, celebrity and professional clientele.”

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