Business

Hotel ownership group purchases Pridwin: Petry family continues to partner

The Pridwin Hotel & Cottages, long owned by the Petry family, has been purchased by Cape Resorts — an owner of hotels in New York and New Jersey — in partnership with the family. The Petry’s partnered with Cape Resorts to renovate and operate the hotel.

Cape Resorts CEO Curtis Bashaw is leading the effort in the continued partnership.

Cape Resorts has been involved with the family for a few years, entering the picture publicly in 2019, when the brothers and Cape Resorts personnel attended meetings to review plans for major renovations and expansions to the property, which has been owned by the Petry family since 1961.

The finances of the deal haven’t been made public, except a release on financing for the major renovations and expansions still underway at the site.

Fort Amsterdam Capital, Tilden Park Capital Management have provided a $17.4 million first mortgage bridge loan to finance work.

Construction partners for the project include Estreich & Company, RLW4 Builders and Stokes Architecture + Design.

“Cape Resorts is a leading regional hospitality investment and management company with nine distinctive classic American resort properties in New York and New Jersey,” according to the press release.

“Our family could not be more thrilled for this next chapter of The Pridwin,” Glenn Petry said. “In Curtis Bashaw and his team at Cape Resorts we have found kindred spirits dedicated to tradition and community. When we saw the meticulous restoration of Congress Hall in Cape May and the bustling year-round business they had created from their venerable seasonal hotel we knew it was a match we hoped to make.”

Original plans called for work to start in 2020 with Phase 1 — renovations to modernize the main building — to be completed in time to open for the spring-summer season of 2020. Then the Petry brothers planned to restart their project in October 2020 on Phase II, which included work on cottages and construction of an events space for weddings and similar functions. Ideally, that would be ready by the spring-summer season of 2022.

First came a slow-down when some neighbors in March 2020 questioned whether installation of a new septic system might encroach on wetlands. When that was resolved, the COVID-19 pandemic kept work from being completed on time for the 2020 season.

When the project is complete it will offer 33 rooms in the main building and 16 private cottages. Amenities include private beach and pool services, a full-service spa, a 100-seat restaurant and bicycles for touring nearby shops and attractions.

Interior design director Colleen Bashaw said the redesign will maintain and preserve the key elements of the original building that first opened to guests in 1927.

“We were drawn to the resort because of its incredible location and familiar, welcoming appeal,” Ms. Bashaw said. “The spaces are amazing and our renovation will reinforce them in a playful yet timeless way.”