The Inn at Perry Cabin Trades for $40M

ST. MICHAELS, MD—A high-end, boutique hotel on Maryland's Eastern Shore has traded for $39.7 million in an off-market deal. The transaction, which was facilitated by Savills Hospitality, is not so much indicative of fundamentals in this tiny submarket's hospitality sector, but rather of the luxury boutique hospitality product as a whole, says Marc Magazine, executive managing director of Savills Hospitality.

The name of the property is The Inn at Perry Cabin and if it looks familiar to you that is probably because you have seen the movie "The Wedding Crashers"—The Inn at Perry Cabin was where the outdoor wedding ceremony was filmed, according to Magazine.

"It is truly a beautiful property perfect for weddings or executive retreats or small conferences," he tells GlobeSt.com.

CAP Acquisitions, LLC by Orient-Express Hotels LTD, was the buyer and the trade came about when Magazine connected the seller, which hadn't been marketing the property, to Richard Cohen, president of CAP Acquisitions. Cohen is building a portfolio of "unique" luxury assets and 78-room The Inn at Perry Cabin was the perfect complement to Cohen's Chatham Bars Inn on Cape Cod, MA, Magazine says. "We have done work for Richard in the past and we knew that this could be a property that might fit his liking."

Savills Hospitality Group also arranged the first trust on the property for CAP Acquisitions with EagleBank, based in Bethesda, MD. The deal is expected to close by the end of the month.

Magazine said he has seen similar demand for these assets pick up throughout the Northeast, especially over the last 12 months as buyers began to flock to quality assets as opposed to the limited-service urban and suburban hotels that had been in favor up until then.