Renovations could restore Inn at Longshore ‘to its original glory’
WESTPORT — Renovations are coming to the Inn at Longshore, and the current tenants could be there for another 30 years based on an unanimous vote at this week’s Board of Finance meeting.
“I’m pleased to say we are just as delighted to have them as tenants now as when they took over the lease a few years ago,” First Seletwoman Jennifer Tooker said about Longshore Hospitality, which took over the lease in 2020. “Their commitment to make an investment in a town asset and truly a town jewel is something that I am so pleased about, and I think that this is a lease agreement that is going to be beneficial not only for the town, but for the residents.”
Adam Cassidy, with Longshore Hospitality, said they are “committed to restoring the inn to its original glory.”
According to the amended lease document, renovations include new HVAC throughout the building; door and window replacements; new bathrooms, bars, lighting and flooring for the ballroom and drawing rooms; complete guest room remodels; new landscaping; painting the entire building; and upgrades to be compliant with the Americans with Disabilities Act.
Doug LoMonte, an attorney who worked on the lease, said the amendment is “a very positive outcome” for the town with Longshore Hospitality, which he described as “a reputable, local, experienced operator.”
“That’s why, shall I say, this is an amendment to lease, as opposed to a new lease,” he said.
LoMonte said the proposed $8 million from Longshore Hospitality would include renovations that are required to be completed by the tenant, and they must make their capital investment commitment to that number, or it would be a breach of the lease.
He said the inn is expected to be closed for six to nine months for the renovations, which are slated to begin in January 2025. Rent will also be halted during this time, as the facility will not receive any revenue while the work is done.
After the renovations are completed, the rent will increase from 15 percent to 18.8 percent of gross revenue of the inn, which includes banquets and overnight guests.
LoMonte said it is important to note that this is a revenue-sharing model, not profit-based.
LoMonte said the minimum rent will be set at $600,000 per year in January 2029 and have an annual increase based on the consumer price index, he said.
The lease is set to expire in December 2028, but will be extended by 10 years, LoMonte said. There are then two 10 year extension options available for the tenants after that, which could create a 30-year lease for Longshore Hospitality.