Capital Properties now owns Chatham Bars Inn

Purchase of historic Chatham Bars Inn overlooking Chatham Harbor, Nauset Beach and
the Atlantic, was finalized today by well-known and respected businessman, Richard Cohen.

Capital Properties Acquires the AAA Four Diamond Resort
Marks First Hospitality Venture for this Boston Company

By Walter Brooks

Capital Properties, the New York-based residential and commercial real estate development and management firm, founded by Brookline's Richard Cohen, has purchased the historic Chatham Bars Inn on Cape Cod.

The agreement with Great American Life Insurance Company, a Cincinnati-based insurance and financial holding company which has owned the property for thirteen years, had a final sale price of $166 million.  This was for 81% of the inn's shares and at this ratio the entire property is estimated to be valued at over $200 million.  The transaction marks the first venture into hospitality real estate for Capital Properties. Capital's intentions for the charming oceanfront property involve its development into a premier, five-star resort through extensive renovations and the institution of impeccable customer service standards.

CNN star Paula Zann is the other half of the Cohen combo

CNN's Paula Zahn and her husband Richard Cohen, owner and founder of Capital Properties, are a prominent media and business couple in New York and elsewhere,  shown here at the Guggenheim International Gala last November.

"This year-round landmark resort holds a lot of personal significance for me," said Richard Cohen, founder and President of Capital Properties. "I grew up in Brookline, and continue to maintain offices in Boston, so my ties to the East Coast remain strong, as does my commitment to maintaining the charm and integrity of this historic gem. But I also look forward to developing its amenities and service standards to the level of a fine five-star resort. My primary rationale for the purchase was the property's potential for this kind of expansion."

Although no announcement has yet been made, it's a fond hope of locals that the star of Prime Time CNN, Paula Zahn, will grace the inn often with her husband Richard Cohen.

Ms. Zahn, in addition to being an acclaimed journalist with her own one-hour program weekdays at 8 am, is an experienced cellist who made her Carnegie Hall debut in 1992 performing with the New York Pops Orchestra.

New year round spa, new beach house

Over the next year, Capital Properties will oversee a series of extensive renovations on the property,  from major additions to the smallest comfort detail. While retaining the services of the current management team to ensure a seamless transition to the new ownership, a concerted effort will be launched to refine all aspects of the resort's service standards and luxury amenities, elevating them to the most superior level. Some of the more immediate upcoming changes include the opening of a full-service spa, featuring 12 new spa suites with private access to the facility. The spa will be open year-round and offer tailor-made packages for groups and events. Another exciting additions include the Beach House Bar & Grill, with gourmet, alfresco dining on the Atlantic Ocean.

A noted Historic Hotel of America and a member property of Leading Hotels of the World, Chatham Bars Inn is New England's celebrated oceanfront resort and a classic Cape Cod landmark. Consistently maintained and updated since its initial construction in 1914, the historic main inn sits gracefully atop a seaside bluff, offering spectacular views of Pleasant Bay and the Atlantic. Two hundred and seventeen distinctively appointed guest rooms occupy this main building, including 68 suites, each designed to preserve an elegant turn-of-the-century ambiance. Nestled throughout the property's 25 acres of lush landscaped grounds bordered by meandering beaches are 34 quaint Cape-style cottages offering guests an exceptional level of privacy and housing luxurious guest rooms and master suites.

The inn's quarter-mile private beach is set with umbrellas and cabanas--the perfect spot for guests to soak up the Atlantic sun and surf. Meanwhile, an abundance of area activities include such popular Cape activities as golf, tennis, fishing and water sports. Among the array of family programs available at the inn are the award-winning children's programs, also unparalleled.

• Chatham Bars Inn is located on Shore Road in Chatham, MA, on Cape Cod.
• See previous story on purchase.
• About Capital Properties; Capital Properties is a privately-owned real estate investment, development and management firm founded by its president Richard Cohen in 1977 in Boston, Massachusetts. The company's portfolio of ongoing and completed projects includes premier residential and commercial properties in key markets such as Boston, New York and Washington, D.C. and is currently comprised of more than 4 million square feet of commercial space and 6,000 residential units. Focused on long-term property holds, the firm imparts its signature policy to each of its assets - providing superior tenant living and working environments through outstanding management and services. This commitment to excellence, combined with strong sponsorship and a value-added approach, has yielded unique properties with exemplary financial performances. The acquisition of Chatham Bars Inn marks Capital Properties' first hospitality real estate venture.