KSL Capital Partners, a Denver based hospitality investor, is testing the market for Marram Montauk near Long Island's eastern tip, a person with knowledge of the process said. That person, who requested anonymity to discuss the sale, said a transaction could land near $100 million, which works out to more than $1 million per room.
Spokespeople for KSL and Eastdil would not comment. The timing lines up with a K shaped economy, which is buoying properties like Marram.
The hotel has 96 rooms and sits on a surf friendly stretch with 250 feet, or 76 meters, of oceanfront. At the time, reports said KSL acquired the property in 2022 for approximately $78 million.
Long Island luxury hotels posted an average daily rate above $494 in September, up 10% from a year earlier, according to CoStar Group Inc. That backdrop helps explain why KSL is gauging buyer interest now.
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If a 96 room oceanfront asset is marketed around $100 million, it sets a fresh reference point for luxury coastal hotel valuations. It also offers a read on how much buyer demand follows rate growth into late season markets.
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