So who exactly purchased the Westport Inn, saving it from possible demolition and Westport from the specter of a 200-unit, 5-story housing complex? And what did they pay?
The new owner is Building and Land Technology. The purchase price was $14.5 million.
BLT is described in a press release as “a leading real estate investor, developer and operator in Fairfield County and nationally.” It owns over 50 hotels across the US, and has developed numerous mixed-use projects, including Stamford’s Harbor Point.
Among its “premier commercial holdings”: the Nyala Farms complex, adjacent to I-95 Exit 18. Originally built for Stauffer Chemical, it now counts Bridgewater Associates as its anchor tenant.
“We’re pleased to add the Westport Inn to our local portfolio,” said Carl R. Kuehner III, CEO of BLT. “We believe that the Inn complements our office holdings here, and will continue to provide benefits for local corporations as well as residents of the Westport community.”
First Selectman Jim Marpe — who with Planning and Zoning Commission chair Chip Stephens worked to find a purchaser for the Sheldon Stein-owned Inn — said that BLT has “an extraordinary local and national reputation as a real estate investor, and is an experienced hotel owner. It’s gratifying to achieve a result that forestalls previous plans to develop multifamily housing on the hotel site, which we determined was not an appropriate use here.”
Stephens noted that apartments would have resulted in “excessive densification,” as well as the loss of much-needed hotel rooms.
The Westport Inn recently underwent a multi-million dollar renovation. It includes 117 rooms, plus 6000 square feet of event space.