Gurney’s Owners Buy Montauk Yacht Club

The owners of Gurney’s Montauk Resort and Seawater Spa have purchased the Montauk Yacht Club Resort and Marina and plan to spend approximately $13 million to upgrade the property, which they will rename Gurney’s Montauk Yacht Club and Resort. The amount of the sale was not disclosed.

In a press release issued on May 7, George Filopolous, the founder of Metrovest Equities and the president and co-owner of Gurney’s, said that he was looking forward to elevating the accommodations at the yacht club.

Since 2007, the yacht club — which features 107 guest rooms, meeting rooms, a ballroom, three restaurants, and 35 acres of marina and grounds — had been owned by an affiliate of Island Capital Group L.L.C., a real estate investment firm led by Andrew Farkas. “We have had the privilege of being associated with the Montauk Yacht Club for 11 years,” said Mr. Farkas, in a statement announcing the sale.

Mr. Filopolous and his business partner, Lloyd Goldman of BLDG Management, purchased Gurney’s in 2013. In 2015, they bought a neighboring property, the Panoramic View Resort, and transformed it into the Gurney’s Residences, a condominium development. They also opened a Gurney’s resort in Newport, R.I., last year. The duo plan to oversee the transition of the yacht club, which will close this winter to undergo propertywide renovations and reopen in time for the 2019 season.

Immediate upgrades planned for the resort include handing over the food and beverage service to LDV Hospitality, the firm that owns the Scarpetta restaurants and other high-end eateries. A Scarpetta outpost is also located at Gurney’s Resort on Old Montauk Highway.

The Commercial Observer reported on Thursday that the purchase was made possible by a $56 million loan from Acore Capital.