The Beachside hotel was sold Thursday for $38 million to Blue Flag Partners.
The 3.5-acre property on North Beach Street had been owned by Offshore Beachside LLC, a company led by Karen Keelan, for 30 years. The 94-room hotel was originally built in 1966, and includes an outdoor pool area.
“I was not planning to sell the Beachside, but after speaking to Nantucket native Terry Sanford, and his partners Brad Guidi and Jason Brown, it seemed like the perfect opportunity to pass the torch to new owners who love the island and the property as much as I do,” Keelan said in a statement released by Blue Flag Partners. “Blue Flag has built a reputation locally as caring stewards of the assets they own and I hope our community of loyal guests and neighbors will welcome and support what is a season of renewal for us and this treasured property.”
For Blue Flag Partners, the real estate investment and development firm based in Boston and Nantucket, it was the latest in a flurry of acquisitions across the island.
“We are honored to be the next stewards of The Beachside,” said Blue Flag managing partner Jason Brown in a statement. “Karen Keelan has done a tremendous job over her many years at the helm of the property, and we look forward to investing into its future. Our goal is simple, to continue the hotel’s long tradition of offering exceptional hospitality in a prime location between town and some of the best beaches and restaurants on Nantucket.”
Led by Brown, Terry Sanford, and Brad Guidi, Blue Flag’s Nantucket portfolio now features residential, lodging, and restaurant properties including the Faraway Nantucket hotel (the former Roberts House Collection), the historic Woodbox Inn, The Pearl and Boarding House restaurants, the former Century House Inn, the residential developments Cannonbury Lane and Hawthorne Park, and the former Star of the Sea Hostel in Surfside.
Earlier this week, Blue Flag also announced an agreement to acquire The Kelley House hotel on Martha’s Vineyard. Sanford and Guidi did not immediately return a message seeking comment on the sale of the Beachside.
The sale of the Beachside was just the latest massive real estate deal during a year in which total sales have eclipsed a mind-boggling $2 billion. Earlier this year, The Nantucket Inn near the airport sold for $30 million, and a residential property on Easton Street known as the Breakers sold in October for $32.5 million.
