Hostmark Hospitality Group & CPAC Acquire 98-key Holiday Inn - Cape Cod in Falmouth, MA for $13.6M

. September 03, 2014

MIAMI - September 3, 2014 - The Holiday Inn hotel in Falmouth, Massachusetts is under new ownership and management following a $13.6 million acquisition by a joint venture between Hostmark Hospitality Group and Continental Properties Acquisition Corporation (CPAC), an affiliate of Continental Real Estate Companies (CREC). The 98-room property benefits from an accessible Cape Cod location within 50 miles of Greater Boston and the town's positioning as the gateway to Martha's Vineyard.

The Falmouth transaction marks the third joint acquisition by Hostmark Hospitality Group and CPAC within the past two years, following the purchases of Pheasant Run Resort in St. Charles, Illinois and Lake Eve Resort in Orlando, Florida. The joint venture bought the Falmouth property from Linchris Hotels, which had owned the hotel since 1996.

"The decision to target Falmouth was driven by high barriers to entry in place and Cape Cod's emergence as a year-round destination," explained Bradley Weiser, Principal with Hostmark Development. "Once we began evaluating the local market, the Holiday Inn quickly became our top target, thanks in large part to its location, strong annual occupancy rate and RevPAR appreciation over the past three years."

The Holiday Inn was initially constructed in 1971 and last renovated in 2005. CPAC and Hostmark plan to undertake additional upgrades to all guest rooms and select common areas. Hotel amenities include a steak and seafood restaurant, an indoor pool and fitness room, 3,000 square feet of meeting space and a full-service business center. Hostmark Hospitality Group will assume day-to-day management of the property.

"Hostmark and CPAC share a long, successful history of identifying properties that stand to benefit from repositioning in the marketplace and hands-on management," says CPAC Principal Warren Weiser. "Our plans for improving the guest experience at the Holiday Inn in Falmouth is a good reflection of our approach to maximizing asset value. We'll continue to pursue similar investment opportunities in the U.S. and beyond."

The Holiday Inn - Cape Cod is located at 291 Jones Road, in close proximity to downtown Falmouth, area beaches, and the Martha's Vineyard ferry terminal. The three-story hotel is comprised of 85 double-bedded rooms and 13 single-bedded rooms. There are 150 surface parking spaces on-site. Learn more at the hotel's website.

About Hostmark Hospitality Group

Hostmark Hospitality Group is a leading hospitality management firm with consistent leadership spanning more than four decades, operating upscale full service hotels, select service hotels, independent boutique hotels, luxury resorts, attractions and concept restaurants worldwide. Headquartered in Schaumburg, IL, with offices in Miami, FL and Cairo, Egypt, Hostmark Hospitality Group is an award-winning operator of Marriott, Hilton, Intercontinental Hotels Group, Starwood and Wyndham Hotels. Hostmark Hospitality Group has a proven longstanding reputation for delivering superior results through forward focused ingenuity and exceptional asset management.

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