The Nantucket Inn was sold on Friday for $30 million.
The 4.5-acre property near Nantucket Memorial Airport, which includes 100 condominium units, is being acquired by summer resident Vaios Theodorakos, the owner of Framingham-based VTT Property Management, who owns more than 70 commercial and residential properties across the island.
Selling the property was Wesley Finch, the founder and chairman of The Finch Group (TFG), a real estate development and property management company that had operated the Nantucket Inn since 1988. Finch had recently explored a potential sale of the Nantucket Inn to the town, which was interested in the property for affordable housing purposes as well as a potential site for a new senior center. But that deal fell apart in 2019 after the sides failed to agree on terms. While talks between Finch and the town were rekindled last year, an agreement never materialized.
Theodorakos told the Current that he will continue to operate the Nantucket Inn as an affordable, family-friendly lodging establishment while also pursuing a series of upgrades to the property. Those include renovations to the lobby and indoor pool, new amenities like a spa, gift shop, restaurant, and a new pool area.
“It will continue to be an affordable option for families just with a new look and some exciting amenities,” Theodorakos said in an e-mail. “The team of people that have run this inn/hotel have been amazing stewards and will all be staying on. Most have been with the hotel for 25 years or more. They are truly what drew me to the property having eaten breakfast there with my four kids and wife. I said ‘wouldn’t it be great if we could buy this inn and give it a new chapter in its history?’ With (general manager) Scott Thomas and his leadership I know it will be a great success. I’m so excited!.”
Finch was not immediately available for comment, but the sale was confirmed by Nantucket Registrar of Deeds Jen Ferreira.
Theodorakos, according to the VTT Management web site, has “bought and sold hundreds of properties throughout the United States” and his firm is considered both a hospitality and real estate investment company. VTT Management has more than 100 employees in Massachusetts, North Carolina and South Carolina.
In Nov. 2019, Theodorakos acquired the 2 Union Street commercial property from the Nantucket Historical Association for $2.8 million.
In February of this year, Theodorakos acquired the building at 53 Main Street for $4 million.
