Scout Real Estate Capital Acquires Cape Cod Resort in Partnership With ING Clarion Partners

Significant Improvements To Be Completed Over Next 18 Months

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Falmouth, MA (PRWEB) February 12, 2010

Scout Real Estate Capital today announced its acquisition of the 266-room Sea Crest Resort & Conference Center located in Falmouth, MA. Scout acquired the 23-acre waterfront resort in partnership with ING Clarion, the U.S. investment management and development arm of ING Real Estate.

“Over the next two years we will be working to improve every aspect of this iconic hotel. Beyond the business opportunity, we have been very gratified by the welcoming encouragement Scout managers have received from Falmouth public officials, neighbors, townspeople, and loyal guests,” said Scout Principal and Managing Partner Alan Worden. “Our company is focused on owning and managing beloved resorts in authentic locations. Cape Cod, Falmouth, and Sea Crest all fit perfectly with that strategy.”

Masood Bhatti, a Scout Principal and Managing Partner, said, “Our firm is completely focused on developing and turning around resorts and hotels, sometimes as principals and sometimes as managers. We have strong teams in finance, development and operations and all will be utilized in turning around Sea Crest. This acquisition clearly plays to our strengths.”

The first phase of Scout’s two-year restoration program will focus on improving the guest experience through new landscaping, a renovated lobby, and the complete renovation of 20 resort guest rooms. This phase will be completed by June 2010, in time for the summer vacation season. Additionally, Scout will focus on improving service through increased training and staffing.

The major part of the Sea Crest renovation will commence in the fall of 2010 and will be completed by June 2011. This phase calls for the complete renovation of every guest room and the conference facilities within the hotel. Beyond that, Scout is designing a completely new series of food and beverage venues oriented toward the Sea Crest Resort’s nearly 1,000 feet of beach frontage. This will include construction of a New England-focused sports pub, an ice cream soda fountain, a larger and greatly improved carry-out food service area, and a new poolside bar. The outdoor swimming pool area will be completely renovated with new landscaping of native plants, additional seating areas, and unobstructed views of the ocean.

“We want to maintain the character and traditions of Sea Crest while at the same time making improvements where they are needed,” said Worden. “We will be introducing the resort amenities and services that most families have come to expect when they vacation in-season and we will be working to actively grow our group business in the shoulder and off-seasons.”

“ING Clarion has been working with Scout’s hotel management and development teams for several months on this project and we are delighted both with the renovation opportunity and the Scout partnership,” said Doug Bowen, Managing Director of ING Clarion Partners. “We are eager to see Scout begin to implement their plan for improving the property and the resort experience.”

Charlie Schoenherr, Scout’s President, added, “So few transactions have happened in the last two years. It has been a pleasure to acquire this asset in partnership with ING. We came together quickly in recognizing the significant opportunity at Sea Crest and our work together has been seamless. We look forward to a long and positive relationship with ING.”

“The planning for the resort’s renovation has been progressing very well, and I am certain returning guests will be delighted with the changes,” said Thad Hyland, Chief Operating Officer for Scout Hotels. “We have assembled a nationally recognized team of design and construction professionals as well as the top members of the Scout Hotels operating team. We’re speaking with the existing team of associates at the hotel and will be actively recruiting additional hospitality professionals to help us execute our plan. This is just the beginning of our efforts to ensure Sea Crest remains a top destination in New England.”

About Sea Crest

Sea Crest is a full-service, 266-key oceanfront resort and conference center situated on 23-acres in North Falmouth, Massachusetts with almost 1,000 feet of beach frontage on Buzzards Bay. The property consists of eight 1, 2 and 3-story buildings, some dating back to the 1930’s and 1940’s with most the recent renovation in the early 1990s. The buildings include 30,000 square feet of conference center space capable of serving up to 1,500 people.
A hotel has been at the Sea Crest location since the 1940s, when Lou Walters, the father of celebrity television interviewer Barbara Walters, built the Latin Quarter, a hotel and dinner theater on the site. In more recent years Sea Crest was partially owned by Red Auerbach, a former coach, general manager, and team president of the Boston Celtics.

About Scout Real Estate Capital, LLC

Scout Real Estate Capital, LLC is a resort and residential development and management company with offices in New York City and on Nantucket. Scout is led by two Principals, Masood Bhatti and Alan Worden and by Charlie Schoenherr, President.

The company’s current properties and investments include The Harbor View Resort and The Kelley House hotel located in Edgartown, MA, The Southampton Beach Resort in Bermuda, and various properties totaling 5,700 acres on the Big Island in Hawaii. More information about the firm is available at http://www.scout-capital.com.

About ING Clarion

Founded in 1982, ING Clarion Partners and its affiliates manage $43 billion in assets in the private equity, public equity, and public debt sectors of the real estate markets. ING Clarion is the Americas arm of ING Real Estate Investment Management, one of the world's leading real estate investment managers with global assets under management of more than USD 93 billion. ING Real Estate Investment Management is part of ING Investment Management (ING IM), a global asset manager with over 6,000 associates worldwide. The principal asset manager of ING Group, ING IM is active in 34 countries across the Americas, Asia-Pacific, Europe and the Middle East. More information about the firm is available at http://www.ingclarion.com.

Media Contacts:
Scout Real Estate Capital
Alan Worden
Managing Partner
508-221-7944

Sea Crest Resort
Thad Hyland
Managing Director
508-939-1237

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