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Aug 6, 2019 2:12 PMPublication: The East Hampton Press

Amagansett Inn Changes Hands, But Use Will Stay The Same

Gansett Green Manor, in Amagansett, recetly changed ownership when it was sold for $6.175 million.     BEN KAVA
Aug 12, 2019 4:17 PM

A familiar Amagansett inn, Gansett Green Manor, is in new hands after being purchased by California-based firm WTI Inc. in July for just over $6 million.

The hotel, at 273 Main Street in Amagansett, hit the market on August 26, 2018, said Dana Forbes, who represented the listing along with Lisa Ferraro, both of Daniel Gale Sotheby’s International Realty. The property was originally priced at $6.9 million. It sold on July 2 for $6.175 million, Ms. Forbes said.

She added that the buyer was intent on maintaining Gansett Green Manor as a fully operating inn.

The buyers “intend to run it pretty close to how it’s been run in the past,” Ms. Forbes said, and want to “maintain the integrity” of the property.

In addition to housing guests, the hotel has been known as a wedding destination — a nearly 2-acre sprawling yard sits behind cottages and a converted barn that serve as 14 guestrooms.

The hotel is now the sole East Coast asset in the portfolio of WTI Inc., a private equity firm with several real estate holdings in Las Vegas and throughout the West Coast. It is also the company’s only property in the hospitality industry.

WTI Inc. “bought it for business as well as property,” Ms. Forbes said.

Sylvia Wong, who works for WTI and will be largely managing the property when a transition of ownership is complete, said she views the hotel as “a little oasis in the middle of the Hamptons.”

She also said that though several upgrades might be made, the inn's aesthetic will stay the same. “We’re absolutely going to try [to] retain the authenticity of the place,” she said.

Any upgrades undertaken by the new ownership will largely be centered on “refreshing the interior” of some of the rooms, Ms. Wong said.

The property is “an iconic Amagansett hotel,” Ms. Forbes said.

The white picket fences of the hotel, adorned with a humble maroon sign inscribed with the inn’s name, have lined the highway-side property just east of Amagansett Village for decades. Its previous owners, Leslie and Jed Feldman, had operated the hotel since 2013, though the property had been owned by Ms. Feldman’s family since 1993, when her late brother, Gary Kalfin, bought the hotel.

Mr. and Ms. Feldman will continue to help out with daily management at the hotel as the new ownership team transitions to full-time operations, Ms. Feldman said on Monday.

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