Two Wildwood Motels For Sale
It has been a crazy 2018 for motel sales here in the Wildwoods. So far this year there have seen nine (9) motels sold. Luckily for us they all are still standing today. Some stayed motels while other became condotels.
If you want a refresher on what sold this year you can click one of the links below.
Now on to what you came for. While we were filming the process at the NEW Wildwood hotel, The Paradise Hotel, we noticed a for sale sign in the window of the Binns Motel and the Bonito Motel.
The Binns motel is located at 3900 Atlantic Ave with the Bonito Motel being located directly behind it (236 E Spicer Ave).
It had us off guard as just this past summer the Binns had signs stating that it was under new managment and was getting upgrades.
Looking it up when we got back we found that on November 28th the Binns motel and the Bonito Motel were listed for sale for $5,900,000. That’s a ton of scratch.
The listing says the motels boast 93 units, two pools 14,000 square feet of space and great parking.
For those who don’t know, years ago L.H. put together a plan to purchase these properties to build a fifteen (15) story condominium hotel. It would have been called the Waypoint Beach Club.
It planned to include two (2) story retail/restaurant spaces on the ground floor, indoor pools with adjacent health club and lounge, structural indoor parking, landscaped terraces and balconies with an oceanfront view. The biggest thing of all is that it was a “Neo Doo-Wop” design.
Of course this plan never came together due to the crash of the market in 08/09. We do have a drawing of what the place would have looked like. (See to the right for a photo).
So what do you think? Are you glad to see these properties for sale? Comment on Facebook.