Berkshire Resort Set To Close

Reader Comments (Page 1 of 1)

5-06-2009 @ 10:28AM

Spectacular Bid said...

I just don't see where this more commerical property will even sell in this climate and in particular in the Berkshires. A couple of examples:

An attempt over the last couple of years to make the former DeSisto School - f/k/a Bonnie Briar - mansion and 270 acres (stockbridge) into an equestrian resort never got off the ground due to economic concerns. It was auction off in a foreclosure sale last month for under $1.4 million (including the back taxes and $800k mortgage) while it was still being marketed for $4.5 million last fall. Only one bid was placed on it and it may now be either razed or become a nursing home.

Elm Court, held by the Vanderbilt heirs, the largest shingle style home in the US restored to being a luxury Inn and wedding venue has been on the market for a while. From $21 million down to $11 million today with no takers.

Perhaps Eastover is more viable turn-key purchase for a large hotel or boutique chain of inns as opposed to the examples above. However the price for Eastover will likely being significantly higher. If the place is suffering from occupancy issues now and yet with generational ties with customers I cannot think a new owner will turn that around.

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