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News & Press: Lodging News

Wentworth by the Sea hotel partner bought out for $65.5M

Thursday, July 21, 2016  
Posted by: Emily Owens
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Wentworth by the Sea hotel partner bought out for $65.5M
By Jeff McMenemy

Ocean Properties Hotels Resorts and Affiliates paid $65.5 million to buy out a partner in the ownership of the prestigious Wentworth by the Sea hotel and now owns 100 percent of the oceanfront resort.

Richard Ade, chief financial officer and executive vice president for Ocean Properties, said the company took on a partner in 2007, Rockwood Capital LLC in New York City, and last Thursday paid Rockwood so it could own “100 percent of Wentworth by the Sea.”
 
“We find the Wentworth to be one of our premier properties,” Ade said Thursday. “Our home is Portsmouth and we want it to be an Ocean Properties hotel for hopefully a long time to come.”
 
Ocean Properties has been managing the hotel “for ourselves and Rockwood since they acquired the interest in 2007,” Ade said.
 
Operations at the historic New Castle hotel and resort won’t change because of the buyout, Ade said,
but he said renovations that have been ongoing will continue.
 
“All of the (161) rooms have been entirely renovated in the past year,” Ade said.
 
The hotel’s two restaurants were also renovated and Ocean Properties continues to “make improvements to the entire property,” he said.
 
“By the end of 2016 the entire hotel will have been renovated, every room, the meeting facilities, everything,” Ade said. Read more from seacoastonline.com.


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