A prime piece of Shelter Island commercial real estate hit the market this month with the announcement that the Chequit is for sale.
The 37-room hotel, home to the Red Maple restaurant, comes with a $9 million asking price.
“With its proximity to New York City and the demand on the eastern end of Long Island being so high, we’re not surprised at all by the amount of excitement surrounding this property,” said Michael Gembecki, a director at Cushman & Wakefield of New York City, which is listing the property. “We’re early in the process, but we’ve already had a great deal of interest and we expect that to continue.”
Its simple interior design and lively color palette have made the Chequit a top name in coastal accommodations. British Vogue Magazine has even recommended it as “The Place” to stay on the island.
The 18,726 square-foot property consists of three separate structures: the main building, the Cottage House and the smallest building, the Summer House. This is the second time this decade the Shelter Island Heights hotel, which was built in 1872, has been listed. It was sold for a reported $3.35 million to its current owners in 2014.
At that time, the guest rooms underwent extensive renovations, which included adding the Red Maple.
Managers David Bowd and Kevin O’Shea, who took over after the last sale, said they expect to continue in their roles should a sale take place, citing a long-term management contract. Cushman & Wakefield also confirmed management would remain in place with any sale.
“We’ve had three amazing years,” Mr. Bowd told the Shelter Island Reporter. “It’s all good.”
The listing boasts that the property has 37 guest rooms, event and meeting space and room for a pool expansion or potential residential conversion.
