BLDG Management Co., Inc. and Metrovest Equities have completed the $235 million refinancing for the Gurney’s Montauk Resort & Seawater Spa in Montauk, N.Y. JLL represented the sponsors in the transaction, securing the financing from a joint venture comprised of Smith Hill Capital and Bain Capital.
Gurney’s is an oceanfront resort located on a 2,000-foot private beach in Montauk, with a total of 158 keys divided between 109 guestrooms, 35 suites, eight beachfront cottages and six residences. In addition to the private beach, amenities include five dining venues (including the only on-beach dining venue in the Hamptons), 25,000-square-feet of meeting space, a 30,000-square-foot onsite spa with four spa pools, a full-size indoor saltwater pool, 20 treatment rooms, a salon and a fitness center.
The sponsors have invested in comprehensive renovations of the guestrooms, restaurants, bars, beach, event and meeting spaces and spa. A three-month renovation of the public spaces, lobby, common areas and food and beverage outlets was recently completed, updating the dining experience with new restaurants, including Dune Café & Lounge and a new flagship dining destination, gigi’s montauk, a Mediterranean steak and seafood concept with a menu focused on coastal cuisine.
The JLL Capital Markets team handling the transaction included Christopher Peck, senior managing director and co-head of the New York Office; Hotels & Hospitality Group Americas CEO Kevin Davis; Managing Director Mark Fisher; and Director Connor Medzigian.
“Gurney’s Montauk is an exceptional and iconic property in a one-of-a-kind location with world-class amenities,” Justin Kleinman, executive vice president and chief operating officer at BLDG Management, said in a statement. “This property is a premier resort destination in the Northeast and is an elite asset in our portfolio.”
“Gurney’s has established itself as a leading luxury resort brand distinguished by a host of exclusive amenities, including a pristine, 2,000-foot private beach, incredible wellness programming, breathtaking 30,000-square-foot spa and visionary dining options,” said Michael Nenner, president and chief operating officer of Gurney’s Resorts. “We are excited to offer our guests world-class service and a wide selection of new offerings this season.”
"Smith Hill and Bain proved to be outstanding lending partners on the Gurney's project," said Peck. “The team’s expertise and collaborative approach were invaluable in financing this unique asset. They immediately recognized the exceptional value of this 20-acre resort in Montauk and their flexible lending solutions perfectly aligned with the sponsors’ requirements."