Gurney's owners approve plan to take full control of the Montauk landmark
Stand-up paddleboards available on the beach at Gurney's Montauk Resort & Seawater Spa in Montauk on June 30, 2016. Credit: Newsday File/Gordon M. Grant
The majority owners of Gurney’s Montauk Resort & Seawater Spa, a Long Island landmark, effectively took full control of the resort Thursday by approving a plan to pay off the remaining timeshare owners, a spokeswoman confirmed.
The outcome was expected after the resort's board of directors approved the plan earlier this month. The resort was appraised at $84 million in February, according to documents sent to timeshare owners.
Manhattan-based developers George Filopoulos of Metrovest Equities and Lloyd Goldman of BLDG Management acquired control of Gurney's in 2013 from the Monte family, renovating the property and seeking to attract a more upscale clientele.
The new owners offered timeshare owners the choice of selling at that time or waiting five years. The buyout plan approved earlier this month called for Gurney's to offer remaining timeshare owners amounts ranging from $11,881 to $35,643, depending on the unit size.
Those with rights to stay more than one week per year will get paid for each week.
The plan calls for Filopoulos to continue as the president of Gurney's and for Goldman to become its vice president, according to documents provided to timeshare owners.
The resort features a 2,000-foot private beach and 146 rooms, suites and cottages.
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