Wayne, PA, June 20, 2007 — Gulph Creek Hotels, a leading Mid-Atlantic-based hotel development and management company, today announced that they have signed an asset management agreement with Scout Capital for the 124-room Harbor View Hotel and 60-room Kelley House in Martha’s Vineyard. The Harbor View Hotel is Martha’s Vineyard’s largest hotel providing guests expansive views of Edgartown Harbor and overlooking Starbuck’s Neck, Chappaquiddick Island, and the Edgartown Lighthouse. Originally opened in 1891, the Harbor View was recently voted “The Best Hotel on the Vineyard” by Martha’s Vineyard Magazine and Cape Cod Magazine. Scout Real Estate Capital, LLC acquired the Harbor View Hotel and the neighboring Kelley House in December 2006.
Scout plans to continue improving the Harbor View Hotel and begin renovating the Kelley House in October 2007, after the summer season has concluded. “Over the next several years we will be working to improve every aspect of these beloved hotels, and we have been very gratified by the positive feedback and encouragement we have received from our neighbors, townspeople, local officials and loyal guests,” said Scout Real Estate Capital principal Alan Worden. “Our goal is to make the Harbor View Hotel & Resort the finest resort destination in New England.”
“Gulph Creeks’ role is to provide support to Scout and the hotel’s experienced management team through the redevelopment process to enhance profitability, service levels, facilities and amenity offerings,” said Derek W. Sylvester, Director of Development of Gulph Creek Hotels. “We’ve enjoyed working closely with Scout and playing an active role in the transformation of the historic landmark hotel to a four to five star resort.”
About Scout Real Estate Capital, LLC
Scout Real Estate Capital, LLC, with offices on Nantucket and in New York City, focuses on developing unique leisure opportunities for sophisticated baby boomers. In addition to Martha’s Vineyard, Scout is developing resort properties in Bermuda and Hawaii.
About Gulph Creek Hotels
Gulph Creek Hotels is recognized as a leading hotel management company in the MidAtlantic region. Gulph Creek’s portfolio of managed hotels continues to outperform the market and exceed financial return expectations. Gulph Creek Hotels was founded in 1996 and currently manages eight Hilton and Marriott branded hotels.