ING Clarion Buys Cape Cod Resort
- Feb 22, 2010
February 22, 2010
By Allison Landa, News Editor
In what may be one of many deals spearheaded by opportunistic funds this year, ING Clarion Development Ventures III has acquired the 23-acre waterfront Sea Crest Resort and Conference Center on Cape Cod. The deal was done in partnership with Scout Real Estate.
The 266-room resort will be extensively renovated, with upgrades including new landscaping, a revamped lobby, and improvement of guest rooms and conference facilities. In addition, a sports pub, ice cream soda fountain, improved food service area, and new poolside bar will be built and the outdoor swimming pool area completely revamped. The renovation is slated for completion by June 2011.
Financials for the transaction were not released.
“We have been waiting for quality properties like Sea Crest to become available at attractive pricing,” ING Clarion Partners managing director and Clarion Development Ventures III portfolio manager Doug Bowen said in a statement. “That is starting to happen as both buyers and sellers adjust their expectations to the new realities of the market.”
Opportunistic funds are expected to profit handsomely as buyers and sellers adjust. Several sources have told CPE that these funds are poised to make a good deal of money in the coming year.
CDV III was launched in 2007 and can invest in all property types, but fund management has most recently been focused on hotels and multifamily housing, two of the most strongly hit sectors in the recession.
The Americas arm of ING Real Estate Investment management, ING Clarion Partners and affiliates manage $43 billion in assets in private equity, public equity, and public debt sectors of the real estate markets.