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The Harbor Hotel in Provincetown. Courtesy photo.
A Hanover developer that owns 33 hotels in 12 states is the new owner of the Harbor Hotel in Provincetown after closing on a $15.5 million acquisition.
The previous ownership acquired the 129-room hotel on 4.5 acres in 2010 for $5.1 million and upgraded common areas and guest rooms.
Boston Realty Advisors represented the sellers, a partnership of Newton-based Alta Properties, Boston-based Finard Properties and Saltaire Properties of Gloucester.
“When this building was made available, we looked at it and bought it primarily because we think it’s an iconic piece of real estate on the waterfront,” Christopher Gistis, CEO of Linchris Hotel Corp., said in a statement. “We believe an opportunity of this size is hard to find anywhere on Cape Cod, and there is nothing close to it in Provincetown.”
Cape Cod hotels averaged 70.9 percent occupancy with average daily rates of $290.46 and revenues per available room of $205.84 in September, according to CBRE Hotels research.
