DANBURY, Connecticut—Meyer Jabara Hotels (MJH) has been selected by Atlantic Equity Partners to manage The Menhaden, an independent boutique hotel located in Greenport, New York, on Long Island’s North Fork. The hotel with nautical décor appeals to travelers seeking private, local experiences who are traveling to the seaside property for its rooms, communal galley’s, rooftop bar and deck, on-site restaurant, and proximity to local vineyards, farms, restaurants, breweries, and beaches.
“The Menhaden has proven to be a one-of-a-kind asset, and we are thrilled to add this well-designed independent property to our growing portfolio of full-service luxury boutique hotels,” said Justin Jabara, president of Meyer Jabara Hotels. “This property is charming and timeless with many high-end appointments, including a minimalist black/white/greige color palette, guestroom furnishings by Restoration Hardware, a copy of Moby Dick at each bedside, a complimentary commissary on each floor, a provisioning shop offering everything needed for a beach picnic or boat trip, a British open-air electric Moke jeep to transport guests to nearby wineries and more, and the only rooftop bar in Greenport offering stunning views of the sunset and overlooking Main Street, Greenport Harbor, the North Ferry, and Shelter Island.”
Jonathan Hoenig, managing partner with Atlantic Equity Partners, a New England-based real estate private equity firm, said The Menhaden, which originally opened in 2019, is performing strong despite the pandemic. For Hoenig, having the opportunity to invest in a leisure market in New York and the Northeast is exciting, especially considering the anticipated renaissance of the leisure market in this area over the next decade and the growing demand among consumers for quality experiences. With Meyer Jabara Hotels at the helm, Hoenig said he is confident that this asset will thrive, especially with the management group’s track record of operating hotels amidst challenging economies.
“The Menhaden is a spectacular property and an irreplaceable asset,” Hoenig said. “Meyer Jabara brings generations of management experience and a broad knowledge of markets throughout the United States that we intend to invest in. Every member of their team is hands-on, accessible, and thorough from property level manager to upper-level management and ownership. They offer a wide range of management experience from 16 room boutiques to 400+ room full-service hotels. This gives us the ability to know we can work with the same partner across a diverse group of investments”
“This property can’t help but to thrive under Meyer Jabara Hotels’ operational excellence,” Hoenig said. “The market—said to be the ‘New Hamptons’—is on fire. Already under their leadership we are seeing record-setting average daily rates. The former owners did an outstanding job developing this property and brand which we look forward to building upon in the years to come.”
Dan Pennessi of Tellus Capital LLC, the seller, developer, and former operator of The Menhaden, said, “We know that The Menhaden is in good hands with the team at Atlantic Equity Partners and Meyer Jabara Hotels. The inspiration for the development of The Menhaden was driven by the existing infrastructure—a wonderful year-round community, public utilities, an extended season and dearth of luxury accommodations, and quality service. The property and brand were designed to exude contemporary coastal: well-appointed and chic with minimal decor, an exterior that effortlessly fits into this historic Village, timeless. The guest response has been amazing and we thoroughly enjoyed building and operating this amazing asset.”
