Marcus & Millichap sold the 153-acre, 111-room Harbourtowne Golf Resort and Conference Center in St. Michaels, Md. The $13 million sales price equates to $117,117 per room.
Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, Karianne Cibello, associate in the firm’s Washington, D.C. office and Shane Hanrahan, associate in Portland, Ore., exclusively represented the seller and procured the buyer.
“The buyer is an international hotel and leisure company with unique synergies to the property and the resources to reposition Harbourtowne Golf Resort and Conference Center as a world-class luxury resort,” says Cibello. “The new owner plans to restore the Pete Dye golf course and thoroughly upgrade all of the facilities.”
“This is one of the Mid-Atlantic hospitality market’s premier hospitality transactions,” adds Allred. “The offering generated multiple offers and our national platform of hospitality property investment specialists collaborated to bring buyer and seller together.”
Harbourtowne Golf Resort and Conference Center is located at 9784 Martingham Circle in St. Michaels on 153 acres of waterfront property and golf fairways at the cross waterways of the Chesapeake Bay and the Miles River. The property features all waterfront guestrooms, and an 18-hole, 142.55-acre Pete Dye golf course.