New England Realty Completes Sale of Interest in Exeter Inn
EXETER, NH, August 7, 2007. New England Hotel Realty (NEHR) announced the sale of the lessee's interest in The Inn & Conference Center of Exeter in N.H. from Inn of Exeter, LLC to HCC Exeter, LLC.
J.P. Ford, CHB, ISHC Senior Vice President acted as advisor to the seller. The historic Georgian-style Inn is located on the main campus of the prestigious Phillips Exeter Academy. The Inn serves the lodging, meeting,and dining needs of the Academy^1s many visitors including alumni, admission candidates, parents, visiting teachers, lecturers, and dignitaries throughout the year. Given its close proximity to Interstate 95, the major north/south route; busy Route 101, the major east/west route; and the metro-Boston area, it is an ideal lodging facility for leisure and business travelers as well. The Inn is also a popular location for corporate retreats, meetings, and functions, and it enjoys significant weddingbusiness in the spring, summer, and fall.
According to J.P. Ford, "This is the third purchase for a partnership thatformed a large equity fund to buy historical and architecturally significant hospitality properties in the New England and Mid-Atlantic regions."
The buyer is planning a complete modernization in keeping with the Inn^1s Georgian architectural details. The highly anticipated renovation will include a complete updating of the guest rooms and baths, corridors, lobby, meeting and function spaces, and dining facilities. The renovation will also introduce modern technology to the venerable inn, including wireless Internet access and plasma screen televisions in the guest rooms, and state-of-the-art meeting and function facilities.
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