<p>Hob Knob, the boutique luxury hotel on Upper Main Street Edgartown, has been put up for sale for an undisclosed price.</p> Owner Maggie White said it is time to focus on her other Island ventures.
Hob Knob, the boutique luxury hotel located on Edgartown’s Upper Main Street, has been placed on the market for sale.
“It’s with mixed emotion but we’ve thought about it for a long time, and we believe the market is strong and our timing is good,” inn owner Maggie White told the Gazette Tuesday evening. “So we’re hopeful. And it’s always fun to embark on new endeavors.
The inn will be sold along with two fully-furnished guest houses located nearby. Ms. White said the sale price is not being disclosed. Boston Realty Advisors has been exclusively retained to solicit offers.
A native of Cleveland, Ohio, Ms. White moved to the Island from Colorado in 1995 and purchased the circa-1900 Gothic Revival building, previously known as the Governor Bradford Inn, for $1.6 million. John F. Kennedy is said to have stayed at the property in 1947.
After purchase, Ms. White gave the inn a $500,000 renovation and reopened it as the Hob Knob. The name comes from the initials of Ms. White’s grandmother, Helen Osborne Bruch, and her grandmother’s Ohio estate, located on a hill known as the Knob. The inn underwent another million-dollar renovation in 2007.
The 17-room hotel has a wraparound porch and a spa and is eco-friendly, with organic cleaning products and composting and recycling programs. In the afternoon, guests receive complementary tea and the inn’s famous scones.
Ms. White became a business leader in Edgartown, including active involvement with the Edgartown Board of Trade. She also started Hob Knob Realty and Hob Knob Construction companies, both of which she will continue to operate.
In 2008, Ms. White told the Gazette about moving to the Island from Colorado and her theory of 20-20-20, living life in 20 year segments. “I had spent my first 18 years in Cleveland," she said. "I was ready for the next investment and it took me to the Vineyard. You can exchange mountains for ocean, you know, and that’s what I did.”
When she arrived on the Island, she brought with her 14 cows that she eventually donated to the Farm Institute. The Hob Knob's logo is a cow.
About 20 years after purchasing the Hob Knob, Ms. White said it is time to move on, but not time to leave the Vineyard. “It’s time to transition Hob Knob to the next generation of ownership,” she said in a statement. “We’re looking forward to focusing more time on our other businesses; Hob Knob Construction and Hob Knob realty, while continuing to contribute to this wonderful community.”
Comments
the summer I turned four, my
Kate edgartownthe summer I turned four, my grandmother rented that house. It was a summer of adventures that became family lore. What a fun time in that house.
I heard it has been listed by
JohnI heard it has been listed by a Boston broker for $14MILLION. From less than a $2mil initial investment to asking $14MILLION is quite a return! WOW!
Don't count her chickens
tom hodgson wtDon't count her chickens until they hatch. In the real estate business, there can be quite gap between initial asking price and final price received. Consider also that in addition to the initial investment, large sums have been spent on renovations and building-on. Large sums, unspecified, were spent to purchase and renovate the two additional guest houses. Not to mention twenty years of a person's life, which should have some value. Once (and if) there is a sale, after the the "vultures" --- the various consultants and appraisers and banks and lawyers and real estate agents and so on have had their pounds of flesh, there might be capital gains taxes to pay. The net gain may not be as mighty as you imply.
Apples and Oranges.....the
Jim ShortsApples and Oranges.....the price also include two lovely and adjacent homes....the referenced purchase price only relates to the 17 room hotel. And she has owned the property 20 years...you would expect the price to go up!
It is an interesting Bed and
Tim ClarkeIt is an interesting Bed and Breakfast, I'll give it that, but hotel it is not. It doesn't even have a liquor license. How does a "hotel" function on the Vineyard without one of those?? Wait...from what I've heard from people who have stayed there, they do offer liquor to guests as well as host dinner parties where alcohol was also served/charged by the Inn. I guess there's always ways around what you're not supposed to do. Whoever decides to buy it will have lots of work to do to improve the interior furnishings and soundproofing of the rooms, so the asking price is still WAY too high. I'd be surprised if they got $10M.
I love how the Gazette will
Jim PantsI love how the Gazette will post the above obvious fictitious name of "Jim Shorts", which most likely was by the owner, yet wouldn't post my previous post under my real name of Tim Clarke in response. Let see if they'll post this.
Good for you Maggie, you
Joe Alosso ConnecticutGood for you Maggie, you turned a dump into something special and I wish you luck and good fortune in the future. It was always a pleasure working with you
I was friends with Maggie way
Nancy Chandler SocalI was friends with Maggie way back in the days in Colorado. I remember her cows. I have also stayed at the Hob Knob Inn. It’s a fantastic place and I wish her well!!!
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