TODAY'S PAPER
78° Good Morning
78° Good Morning
Long Island

Judge clears way for sale of three Southampton hotels

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, at 1655 Rte. 27, is valued at about $7 million. The Bristol, at 161 Hills Station Rd., is valued at about $5 million and may be converted into condominiums, the broker said. The Capri - once home to the Pink Elephant nightclub - at 281 Rte. 27, is valued at about $4.5 million.

Knakal said he expects the hotels to be sold separately.

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.

Comments

We're revamping our Comments section. Learn more and share your input.

Latest Long Island News