Hampshire Hospitality Holdings of Meredith has bought its 4 accommodations — the Inn at Mill Falls, Chase Home, Bay Level and Church Touchdown — which line the highest ring of Meredith Bay, signaling the transformation from mill city to vacationer mecca.
Rusty McLear, president and CEO, mentioned that the properties have been bought on Friday to TPG Motels & Resorts, a subsidiary of the Procaccianti Firms of Cranston, Rhode Island. The properties have been valued at $25 million and bought “properly north of that,” McLear advised NH Enterprise Evaluation.
He mentioned the service station on Route three was not included within the sale. Likewise, the eating places in all 4 accommodations will proceed to be leased and operated by The Frequent Man Household of eating places owned by Alex Ray, McLear’s associate in quite a few enterprises.
McLear mentioned the choice to promote arose from conversations among the many 4 companions — McLear, Ed Gardner, Fred Ford and Roger Gauld — all of whom have reached their seventies. “We determined the timing was proper and the economics have been proper,” McLear defined, including they engaged Jones Lang Lasalle (JLL), Inc., a world funding administration agency specializing in industrial actual property to appraise the property and strategy potential patrons.
TPG is a household enterprise based in 1959 by Jim Procaccianti and managed at the moment by his son Jim and daughter Elizabeth. The corporate has a big and numerous portfolio of business properties in additional than 130 cities in 31 states, together with some 60 accommodations from coast to coast. The Procacciantis are accustomed to Meredith and, with Jim’s son a pupil at New Hampton Faculty, have been company of the accommodations.
Collectively the 4 accommodations occupy 14 acres in downtown Meredith and stretch alongside 1,500 linear ft of shorefront, with solely a city park separating Bay Level and Church Touchdown. McLear started by buying an asbestos mill in 1983, which grew to become the Inn at Mill Falls two years later. The Chase Home, Bay Level and Church Touchdown adopted over the following 20 years.
“At first we crammed a distinct segment for individuals visiting family and friends in Meredith,” McLear mentioned. “Chase Home and Bay Level started to draw guests, and Church Touchdown turned the spigot on. We’ve had company coming for 30 years.”
McLear mentioned he has bought a number of properties in downtown Meredith and has his eye on some others, which he intends to rehabilitate. On the identical time, he mentioned that he and Ray have partnered with Irving Oil to develop The Frequent Man Roadside operation, pioneered on the Hooksett exit on I-93, within the state and area. “I’m not carried out but,” he mentioned with a smile.