News: Front Section
Posted: April 2, 2008
Hamm of Sperry Van Ness completes $5.5 million sale to DP39 and AE7
Sperry Van Ness, one of the nation's largest commercial real estate brokerage firms, has completed the sale of a 181-room Wellesley Inn to Mount Kisco NY-based Diamond Properties affiliates, DP39 LLC and AE7 LLC, for $5.5 million. The property is located just off Exit 8 of Interstate 84 at 116 Newtown Rd.
Thomas Hamm of Sperry Van Ness in Stamford, CT and National Director - Hospitality, represented the buyers and the sellers, New York, NY-based BRE / Prime Holdings LLC and WIH Hotels LLC, affiliates of the Blackstone Group. According to Hamm, the Wellesley Inn was a non-core holding of the Prime Hospitality portfolio that Blackstone had acquired, and this sale marks the fifth Wellesley Inn sold by Hamm. The buyers plan to invest more than $5 million in renovations and a rebranding program under a national flag to be announced soon.
Built in 1972, Wellesley Inn is situated on 12 acres and includes a restaurant leased to Outback Steakhouse. The inn is next to an office park.
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