Shelter Island Pridwin Hotel and Cottages Secures $ 17.4 Million Loan
Shelter Island’s largest hotel is getting a makeover.
Fort Amsterdam Capital, in partnership with Tilden Park Capital Management, has entered into an initial bridge mortgage loan of $ 17.4 million to finance the recapitalization and renovation of the Pridwin Hotel and Cottages.
The loan will be used to transform the East End Hotel into a full-service luxury resort featuring expanded guest rooms, a spa and fitness center, a modernized lobby and a 100-seat restaurant and lounge. The renovation is expected to be completed in June 2022.
Cape Resorts recently acquired the hotel, but remains in partnership with the Petry family, who have owned and operated the business since 1961. It opened in 1927.
Cape Resorts also owns Baron’s Cove in Sag Harbor and several hotels in Cape May, New Jersey, including Congress Hall and the Virginia Hotels.
The Pridwin Hotel is located on over seven acres of Shelter Island’s Crescent Beach, overlooking the Shelter Island Strait. It has 49 rooms and 16 lodges.
In 2019, the Petry family offered to modernize the hotel through a two-phase project – first the main building, then the cottages. They also offered an activity center that can accommodate weddings and other events. However, the proposed renovations have sparked friction from the community and the Zoning Appeal Board, according to the Shelter Island Reporter.
Shelter Island sits between North Fork and South Fork of Long Island, accessible by ferry from both sides. A number of investors have bought and upgraded hotels in North Fork in recent years, including the Harbor Front Inn and Menhaden Hotel in Greenport, as the largely agricultural area looks a bit more like its upscale southern counterpart. .