Hain Celestial founder, partner buy Hamptons' Maidstone Hotel in $17M deal
Each room and cottage at the Maidstone in East Hampton is themed around an historic Scandinavian figure. Credit: Gordon M. Grant
East Hampton's historic Maidstone Hotel has been sold to the founder of The Hain Celestial Group, Inc. and a partner for about $17 million, according to deal participants.
Irwin D. Simon, now chief executive of Canadian cannabis company Tilray Brands Inc., founded Long Island natural foods producer Hain Celestial 30 years ago.
The 19-room Maidstone, which draws a clientele that includes A-list celebrities, is a visible presence as drivers travel east on Main Street to enter East Hampton, said Anthony Cerio, of Manhattan-based Brown Harris Stevens, the real estate brokerage that represented Simon and his partner, Mayank Dwivedi, a hotelier and restaurateur.
"It's like taking a step back in time," he said. "It's a landmark in East Hampton village."
Cerio said Simon acquired his stake through a family trust.
Jonathan Solomon of Luxury New York Group, who represented sellers Jennifer and Jonathan Baker, said they would retain a minority, but non-operating, stake in the hotel. The Bakers purchased the inn in 2008.
Cerio said the Bakers spend considerable time in California, making it difficult to closely manage the operations of a Long Island inn.
"It's a hands-on business," he said.
Each room and cottage at the Maidstone, as currently configured, is themed around an historic Scandinavian figure, reflecting the heritage of Jennifer Baker, a native Swede.
The iconic Scandinavians include Alfred Nobel, the father of dynamite and originator of the Nobel Prizes, and Karen Blixen, author of "Out of Africa" and "Babette's Feast."
The hotel, which is taking reservations for its reopening in the summer season, offers its guests the use of two Cadillacs, a yoga deck, a beach butler and a trampoline, among other amenities, according to its website.
"The place has always had a focus on the whole experience," Solomon said.
The pre-Civil War building once served as a tannery, said Solomon, who put the purchase price for the hotel's majority stake at "just under $17 million," following 10 months of due diligence and negotiations.
The deal closed around the beginning of April.
The Maidstone name reflects the original name of the Town of East Hampton.
Cerio said it was unclear what kind of renovations Simon plans to make to the hotel, but he voiced confidence that the result "is going to be spectacular."
Solomon said the Maidstone has hosted a variety of high-profile events, including the Hamptons International Film Festival, typically held in October.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
