July 7, 2016— Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale and arranged financing for Ashworth by the Sea, a 107-room, oceanfront hotel located in the New Hampshire Seacoast community of Hampton Beach.
HFF marketed the property on behalf of the seller, XSS Hotels, and procured the buyer, Linchris Hotel Corporation. Additionally, HFF assisted the new owner in securing the seven-year, fixed-rate acquisition financing through Middlesex Savings Bank. The hotel was sold unencumbered by management.
Ashworth by the Sea is the only full-service oceanfront hotel in the state of New Hampshire. Hotel guests can choose from 106 guestrooms and suites, most offering ocean views and private balconies; and one detached cottage. The recently-renovated property features three food and beverage outlets, including Breakers Restaurant and Bar, Wharfside Café and Sandbar Rooftop Lounge. Hotel guests have access to an indoor heated pool, fitness center, sundry shop, business center and more than 6,000 square feet of event space across five meeting rooms. The immediate area surrounding the hotel is a classic tourist destination, featuring leisure amenities such as the Ocean Gaming Casino, Seashell Stage, Casino Ballroom and Playland Arcade. The beach community draws tourists in through a busy events calendar full of free nightly concerts, weekly fireworks, festivals including the Master Sand Sculpting Competition, the Children’s Festival and the Annual Seafood Festival. Situated at 295 Ocean Boulevard, Ashworth by the Sea is positioned 13 miles south of Portsmouth, 37 miles east of Manchester and 50 miles north of Boston on New Hampshire’s Seacoast.
The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.
HFF’s debt placement team representing the buyer was led by director Greg LaBine.
[button href=”https://www.hfflp.com/media-center/press-releases/142744/hff-closes-sale-and-arranges-financing-for-ashworth-by-the-sea-in-hampton-beach.aspx” style=”flat” size=”medium” color=”#dd3333″ target=”_blank”]SOURCE: HFF[/button]
[button href=”http://www.linchris.com” style=”flat” size=”medium” color=”#dd3333″ target=”_blank”]FOLLOW LINCHRIS HOTEL CORPORATION[/button]