Atlantic Terrace Is Sold

Bridgeton Holdings, a corporation with an expansive portfolio of office, retail, hospitality, and residential properties across the country, bought the 96-room beachfront Atlantic Terrace hotel in Montauk last month. It recently opened Journey East Hampton on Pantigo Road, an upscale recreation of the Inn at East Hampton, a two-story complex that had bare bones amenities. 

The company’s immediate plan for Atlantic Terrace is to maintain the status quo, said Atit Jariwala, the Bridgeton Holdings C.E.O. “Our objective is to run it the way it’s been run. It’s been a great part of the community,” he said. He did not disclose how much Bridgeton paid for the property.  

The hotel, at 21 Oceanview Terrace on a parcel of more than 100,000 square feet, features guest rooms with kitchenettes, a restaurant, a boutique, and a pool. Mr. Jariwala said the company intends to upgrade its furnishings after the summer season, but was still mulling possible renovations. 

Following the improvements, customers might see a small rate increase, he said, but not so much that existing clientele would be priced out of future stays. “We would love the people who have come for decades to continue to come,” he said. “That’s how you develop a successful business.”

Mr. Jariwala said the company was focused on maintaining a family-friendly environment at the hotel. He would not comment, however, on whether it would seek to obtain a liquor license, saying, “We’re not party people. We’re going to be great neighbors.”

--

Editor's Note: An earlier version of this article named Bridgeton Holdings as an owner of the Hero Beach Club in Montauk, a statement disputed by Oceanside Owners L.L.C., which says it is the sole owner of Hero Beach Club. Asked to comment, a representative of Bridgeton Holdings maintained that the limited liability company "owns equity in Hero Beach Club."