LENOX, Mass.–(BUSINESS WIRE)–#hotelacquisition–New York-based real estate investor 388 Ventures has closed on the acquisition of a portfolio of historic bed-and-breakfasts in Lenox, MA. The portfolio was assembled through 3 separate off-market transactions and encompasses 65-rooms and suites, a locally-rooted restaurant, bar and various inspiring public space areas. 388 Ventures has partnered with award-winning boutique hotel company Life House, who will provide branding, interior design, and hotel & restaurant management services.
The new portfolio comprises 3 storied boutique properties located in downtown Lenox, MA, which Life House will operate under the existing branding through Summer 2021. Subsequent to the high-season, the properties will undergo cosmetic renovations and improvements ahead of re-launching as a cohesive collection in Spring 2022.
“We are honored to have been afforded the opportunity to steward these beautiful and historic Lenox properties into their next chapter”, said Seth Johnson, Partner at 388 Ventures. “We look forward to providing the warm hospitality that visitors to Lenox have come to expect, enhanced with a few modern touches that will only enrich the experience of visiting this New England destination”, added Russell Lange, Partner at 388 Ventures.
At the heart of the portfolio lies the Church Street Inn, an expansive property with a deep history dating back to 1771, when owner John Whitlock – an early settler in Lenox whose farmlands occupied much of what became Lenox Village – opened his house as an inn alongside many Berkshire householders who supplemented their farming income by providing lodging for stagecoach travelers.
A short walk to the North side of town, visitors will find the beloved Birchwood Inn, the first residential property in Lenox deeded by the Massachusetts Bay Colony in 1765. The core of this house was built by Israel Dewey, a founding member of Lenox’s Continental Congress Committee when the town was incorporated on March 11, 1767. Dewey resided in the house until the start of the Revolutionary War in 1775, when he ultimately left town to fight for his country’s independence.
Rounding out the portfolio is the Rookwood Inn, which began its life as the Williams Tavern in 1825 and is located at the Southern point of town. When Lenox stood as the judicial seat of Berkshire County before Pittsfield assumed the distinction, the Tavern was a watering hole for the judges and lawyers who worked the local courthouse. In the 1880s, the property was purchased by Frederick Constance Peters, a businessman from England, who repurposed it into ancillary lodging for owners of Lenox’s famed Gilded Age estates.
“With a growing list of unique independent hotels under management in top New England destinations from Nantucket to Martha’s Vineyard, Lenox was a natural target for the continued expansion of our portfolio,” explained Bryan Dunn, Head of Growth at Life House. “We are thrilled to partner with 388 Ventures on this strategy and look forward to exploring opportunities to expand together throughout the Berkshires and beyond”.
The sellers were represented on their respective transactions by James Nugent of the Kinderhook Group, a real estate brokerage firm based in Pittsfield, MA.
About 388 Ventures:
388 Ventures is a real estate investment firm focused on regional leisure destinations across the United States, with an emphasis on hospitality assets with differentiated market positioning. 388 Ventures invests primarily in lifestyle boutique product in the upper-upscale and luxury segment, with in-house development capabilities to take on transformative renovations.
About Life House:
Life House is a New York-based, venture-backed and vertically-integrated hotel brand, management, and software company. Life House has built a proprietary technology stack to power a platform that makes hotels more seamless and more profitable for hotel owners and travel more meaningful and more accessible for travelers. Life House operates and brands 4-star hotels, and operates independent hotels across the chain scale from luxury to budget.
Head of Growth