The owners of the Ram’s Head Inn, which has been on the market for almost a year, dropped $1 million off the $11.9 million asking price and listed the property with a Manhattan broker, Marcus & Millichap, according to Long Island Business News reporter David Winzelberg.
James and Linda Eklund had originally listed the property with the Corcoran Group and had hoped to sell it before the spring season started this year. Instead, they continued operating the inn and restaurant through this season.
The three-story, 22-room hotel occupies 4.3 acres on Coecles Harbor.
“This is a fantastic opportunity to capture the food and beverage upside that is part of the inn’s history,” Henri Kessler, a Marcus & Millichap National Hospitality Group investment sales associate, told Long Island Business News.
Mr. Kessler and colleagues Jerry Swon and Nelson Lee are marketing the property.
At the time of the listing, Ms. Eklund said she and her husband were hoping to spend more time with their children and grandchildren, something operating the business didn’t allow.
“I guess you could say that I want my job to be a grandmother,” Ms. Eklund said in announcing the original effort to sell the business. When it sells, the Eklunds will have more time to give to enjoying the beach, boating, picnics and other family summer activities.
The Eklunds sold The Chequit Inn in 2014, retaining the Ram’s Head. But now ready to concentrate their attention on family and volunteer efforts on Shelter Island. Ms. Eklund is vice president of the Board of Education while Mr. Eklund, a partner in Reich/Eklund Construction, serves on the town’s Waterways Management Advisory Council and the Water Quality Improvement Projects Advisory Board.
“The community is important to us; we will never move away or stop volunteering here,” Ms. Eklund said.