When Shelter Island’s The Pridwin Hotel & Cottages reopens in 2022 after two years of being closed for renovations it will do so as the latest family-owned East End hotel to be sold.
Cape Resorts, which owns nine hotels in New York and New Jersey, has purchased the hotel and will work next year in partnership with Glenn and Gregg Petry, whose family has owned and operated the waterfront hotel for 60 years.
Cape Resorts CEO Curtis Bashaw will lead the partnership. The finances of the deal have not been made public.
Cape Resorts has been involved with the hotel since the Petrys announced their plans for major renovations and expansions to the property, which has been owned by the Petry family since 1961.
“Our family could not be more thrilled for this next chapter of The Pridwin,” Glenn Petry said. “In Curtis Bashaw and his team at Cape Resorts we have found kindred spirits dedicated to tradition and community. When we saw the meticulous restoration of Congress Hall in Cape May and the bustling year-round business they had created from their venerable seasonal hotel we knew it was a match we hoped to make.”
Fort Amsterdam Capital, Tilden Park Capital Management have provided a $17.4 million first mortgage bridge loan to finance work at the hotel. Construction partners for the project include Estreich & Company, RLW4 Builders and Stokes Architecture + Design.
When the project is complete it will offer 49 rooms in the main building and 16 private cottages. Amenities include private beach and pool services, a full-service spa, a 100-seat restaurant and bicycles for touring nearby shops and attractions.
Interior design director Colleen Bashaw said the redesign will maintain and preserve the key elements of the original building that first opened to guests in 1927.
“We were drawn to the resort because of its incredible location and familiar, welcoming appeal,” Ms. Bashaw said. “The spaces are amazing and our renovation will reinforce them in a playful yet timeless way.”