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The Lexvest Group Acquires Provincetown's Cape Colony Inn

7/9/2012

BOSTON—The Lexvest Group, a real estate investment and development company located in Shirley, MA, today announced the acquisition of Cape Colony Inn in Provincetown MA, for an undisclosed amount. The 57-room hotel will remain open under the new management of Finard Coventry Hotel Management, LLC, a full-service hotel operating and consulting company. Some immediate improvements have been made, with significant renovation work planned over the winter after the property closes for the season.

"Convenient to everything Provincetown has to offer, yet tucked away from the hustle and bustle on over two private acres, Cape Colony Inn has great potential," said Eric Shapiro, Principal, Lexvest Partners, in an announcement. "We look forward to working with Finard Coventry Hotel Management to breathe new life into the property and offer guests the best lodging value in Provincetown."

Finard Coventry Hotel Management owns and manages the nearby Harbor Hotel Provincetown with Whaler Lounge.

Cape Colony Inn offers a heated outdoor pool; landscaped grounds with a picnic area, shuffleboard, and beach volleyball court; free WI-FI; and a complimentary Continental breakfast.

The property has been refreshed for the season with a new reservation system, enhanced landscaping, pool improvements, and guestroom upgrades where needed.

Jeremiah Hall has been named as General Manager of the hotel. Philip Scholl of Kinlin Grover Real Estate, Provincetown, MA and Sue Buerkel of Atlantic Sotheby Provincetown, MA served as brokers for the sale. Financing was provided by Cape Cod Five in participation with Bay Colony Development Corporation representing the SBA.

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