Finding an affordable hotel room in the Hamptons has never been easy — and a recent series of hotel buyouts is poised to send prices even higher, Side Dish has learned.
The deal followed the $13.5 million Blue Flag spent last December for the nearby Sunset Beach Montauk, along with two adjacent parcels and three beach lots. If the rates at the Haven are any indication, the price spike will be significant. The 27-room boutique hotel — a former budget-friendly option — is charging $621 a night for a midweek stay this month. Prices begin at $1,291 a night on the weekends.
“The Hamptons rental market is generally distressed now, so they think they are getting good prices.” “To build a 27-room hotel now, you would need a ton of land, and there’s no land here,” Angelidis said. “Years ago, you could build motels on these properties, but no longer.” “I think the Hamptons should be year-round,” Simon told Side Dish, adding that he invested in the Maidstone via his family office.