Bradford Allen Hospitality has acquired two adjacent hotel properties in Riverhead, NY, on Long Island, the 131-suite Residence Inn Long Island East End and the 114-key Hilton Garden Inn Riverhead. The hotels are the closest eastbound Hilton- and Marriott-branded properties to the Hamptons, located approximately 20 miles away.
Built in 2017, Residence Inn Long Island East End features a 24-hour fitness center, indoor and outdoor pools, whirlpools and wedding and banquet facilities. The Hilton Garden Inn Riverhead, built in 2008, offers a patio with a whirlpool and fire pit, an indoor pool and a fitness center. The property is expected to undergo a multimillion-dollar renovation over the next year.
The sale of the properties by a local developer who was the original owner of both assets was completed off-market. New Castle Hotels and Resorts will retain management of both hotels.
“While many firms have been sitting on the sidelines waiting to see what happens with interest rates, Bradford Allen is well capitalized and actively seeking out high-quality assets like these for our portfolio,” said Aghfar Arun, director, Bradford Allen Hospitality. “The Riverhead properties offered a unique opportunity with two adjacent core brands from the nation’s top two hoteliers, in a prime, high-density location, with an opportunity to add value through upgrades. As we continue to look at opportunities to expand our hospitality portfolio, we place a premium on similar types of assets that are institutional-quality hotels in experience-driven markets, catering to leisure and business travelers.”
Over the past 18 months, Bradford Allen Hospitality has acquired four hotels totaling nearly 550 keys, tripling its hotel portfolio. In addition to Long Island, the firm currently owns hotel assets in the Glendale Sports and Entertainment District in Glendale, AZ, a suburb of Phoenix; Rosemont, IL, in the O’Hare submarket outside Chicago; and Iowa City, IA, near the University of Iowa campus.
Launched in 2022, Bradford Allen Hospitality is a specialized hotel ownership platform investing in premium hotels, according to the company. It is a wholly owned subsidiary of Chicago-based Bradford Allen, a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S.