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10 Richmond Mountain Road, ...

Aries Living Acquires Apple Tree Inn Hotel In Lenox, MA For $2.7M
SOLDHotel

Aries Living Acquires Apple Tree Inn Hotel In Lenox, MA For $2.7M

10 Richmond Mountain Road, Lenox, MA 01240

$2,700,000

$69/SF

Building Size

39,000 SF

Asset Type

Hotel

Closing

Oct 31, 2021

AI

The Apple Tree Inn, a renovated landmark hotel located at 10 Richmond Mountain Rd in Lenox, MA, has been sold in a recent transaction. The hotel, situated across 22 acres in the Lenox district of the Berkshires, offers thirty-four Victorian-inspired private rooms. With its close proximity to both New York City and Boston, the inn attracts autonomous travelers looking for a retreat surrounded by natural beauty. The Ostrich Room, located within the inn, hosts live musical performances five nights a week, adding to the cultural experience. The sale of the Apple Tree Inn was facilitated by broker James Nugent.

Summary of transaction details

  • Property Type: Hotel
  • Address: 10 Richmond Mountain Rd, Lenox, MA
  • Market: Lenox, MA
  • Keys: 34
  • Price Per Key: $79,412
  • Sale Price: $2,700,000
  • Square Footage: 39,000
  • Price Per Square Foot: $69

Aries Living, a hospitality company specializing in personalized, service-oriented accommodations, has acquired the Apple Tree Inn as part of its expansion plans. The company, known for its high-tech, short-term stay model, is venturing into the unique hospitality experience provided by the inn. This acquisition adds to Aries Living's portfolio, which already includes three boutique-style hotels in Miami: Villa Paradiso, Ithaca of South Beach, and Treehouse. Founded in 2015, Aries Living is focused on creating a collection of properties that cater to creatively-minded and environmentally-conscious individuals seeking style, comfort, and inspiration in their getaway destinations.

Players

James Nugent

Broker

$2.7M

vol

1 deal

Broker

Stockbridge Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.88%

Cash-on-Cash

-1.68%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93