A partnership between Alta Properties, Finard Properties, and Saltaire Properties has announced the sale of the Harbor Hotel Provincetown.
The contemporary boutique hotel has 129 rooms and is located on a 4.5-acre waterfront site in Provincetown, Mass. A real estate fund managed by an affiliate of Linchris Hotel Corp. acquired the property.
Located just off Route 6, the hotel has sweeping views of Provincetown Harbor and is a quick walk to the vibrant downtown. The hotel also offers premium amenities such as an on-site pool, cabana bar, a fire pit and plenty of on-site parking.
“Finard acquired this asset in 2010 as it offered the rare opportunity to invest in a critical mass of rooms in one of New England’s most sought-after tourist destinations,” said Todd Finard of Finard Properties.
After acquiring the property, Finard and Saltaire undertook a major redevelopment that included upgrading all guest rooms and common areas of the hotel. Alta partnered with Finard during the redevelopment.
“It was important to manage the hotel in a way that not only preserved the loyalty of our long-term guests but also appealed to new guests who liked the contemporary vibe and the quality of the asset,” said Kathleen Joyce Kusiak, owner and managing partner at Alta Properties. “By carefully managing the hotel experience and streamlining expenses, we were able to increase occupancy and revenue.”
Alta Properties is a real estate investment firm based in Newton, Mass., that focuses on value-added real estate investment and development. Founded by Kathleen Joyce Kusiak, who has more than 30 years of commercial real estate experience, Alta Properties develops and invests in properties throughout New England, the mid-Atlantic, and Texas and across all major asset classes, focusing on opportunities for income growth and capital appreciation.
Finard Properties is a third-generation family company that develops, manages and owns commercial real estate in multiple asset classes: office, retail and hotel.
