LENOX, MA – December 14, 2021 – Aries Living hospitality group today announced that it has acquired The Apple Tree Inn, a historical a 34-room bed-and-breakfast located in the heart of the Berkshires for a purchase price of $2.7 million, or approximately $79,411 per key. The historical 22-acre estate was originally built in 1885 and operated as an inn. Aries Living funded the acquisition with existing cash on its balance sheet.
“We are pleased to expand our footprint into the northeast region by acquiring this historical asset in the heart of the Berkshires set with culture, music and the magic of the mountains,” commented Max Khaghan, Chief Executive Officer of Aries Living. “We are confident that the addition of Apple Tree Inn will enhance our portfolio’s growth profile. Aries Living is taking a departure from our typical high-tech, short term stay business model, by stepping into a personalized, service-oriented lifestyle space with this new property. This property’s creative programming, support of local musicians and an affinity to cater to various audiences demonstrates our team’s ability to source attractive, yet unique opportunities.”
The original 1885 structure, originally known as The Orchard, consists of a 13-guest room Main House, which still stands. This structure also houses a tavern known as The Ostrich Room, which serves up craft cocktails in an intimate candlelit setting with five nights of live music. Additionally, the main structure includes a tented round dining room, where the 100-seat Bellflower Restaurant & Terrace is open for a Friday night cabaret dinner performance and a live jazz brunch on Sundays. A second structure called The Lodge also hosts an additional 21 guest rooms, which overlook the Berkshire mountains and sits adjacent to the on-property swimming pool, hiking paths and gardens.
The Apple Tree Inn is set within the heart of Lenox, MA, which is a less than three-hour drive from both New York City and Boston. This vibrant location is just steps away from the famed Tanglewood, an open-air concert venue that boasts some of the best contemporary and classical music in the country. The property is well-positioned to benefit from the significant growth of this market. The Apple Tree Inn begins a next phase of development with a $45,000 per room renovation in the first quarter of 2022, marking an additional $1.02 million investment. The phased roll out of planned renovations includes a music studio space in the second quarter of 2022 followed by an additional event venue, which is set to debut in early 2023.
The Apple Tree Inn features modern, purposefully designed spaces and guestrooms that attract both business and leisure guests. The Apple Tree Inn offers a creative outlet for all and leans into the bounty of local musicians by offering five nights of live music in the Ostrich Room. Hotel amenities include the Ostrich Room, The Bellflower restaurant, a swimming pool, a tennis court, outdoor patios, on-site parking, as well as on site hiking trails.
With the acquisition of the Apple Tree Inn, Aries Living now operates four hotels. Founded in 2015, Aries Living operates three apartment boutique-style hotels in Miami — Villa Paradiso, Ithaca of South Beach and Treehouse – and is expanding its overall brand collection with additional properties in the pipeline.
