The Montauk Yacht Club Resort is now under new ownership

On May 2, Gurney’s Resorts and their owners Metrovest Equities and BLDG Management closed on a deal to finalize the purchase of the luxury resort located on scenic Lake Montauk in The Hamptons. The deal was financed by a $56 million loan from ACORE Capital. The loan was used for the initial acquisition costs as well as the planned renovations of the Montauk, New York resort. The 60-month loan term includes a first mortgage and a mezzanine loan.

The acquisition of the Montauk Yacht Club brings the total of Gurney properties in the region up to three. Also, in the Hamptons Hamlet, the company owns and operates the neighboring Gurney’s Montauk Resort & Seawater Spa. Last year the company bought what is now known as Gurney’s Newport Resort and Marina, located in Newport, Rhode Island.

As part of the capital improvement loan, the resort will close temporarily this winter and undergo $13 million in upgrades designed to enhance the guest experience. The extensive renovation will include updates to all guestrooms as well as the common ballroom and meeting room areas. The restaurants and marina will also see transformations to prepare the resort for the busy summer tourist season.

The resort boasts 107 waterfront guestrooms as well as 15 acres of sweeping outdoor grounds and gardens. In addition to hosting vacationers, the resort boasts a bustling meeting and convention business and intimate events including weddings and parties. Guests delight in the resort’s heated indoor pool, two outdoor heated pools, private beach, children’s playground, saunas, luxury spa, and four tennis courts, all engineered to provide an immersive and inclusive experience. The highly regarded 232-slip marina can accommodate watercraft up to 220 feet.

Prior to the sale, the resort was owned and operated by Andrew Farkas’ Island Global Yachting.