Resort sells for nearly $20M

PUT-IN-BAY — The Put-in-Bay Resort, a 160-room hotel with villas, suites and Jacuzzi rooms, sold for a record shattering $19.75 million on Monday, the largest real estate transaction in history on South Bass Island, according to Mark Mathys, the seller. Put-in-Bay Resort & Conference Center Provided Mathys said the purchase agreement was signed Monday and employees were told of the transfer Monday afternoon. "This was not the best offer, but this buyer agreed to retain the staff and create an opportunity for employees to gain an ownership interest in the future," Mathys said. The hotel also has the island's only full service conference center, he said, and in the past has accommodated groups as large as 400 people. The purchasers of the property are Steve Alexander and Dr. Brendan Bauer. Mathys said they purchased the Bay Lodge, another hotel, from him about three years ago, and the purchase of this property makes them the largest owner-operator of a hotel business in Put-in-Bay. Bay Lodge sold for $4.6 million, he said. The property exceeded sales projections since the sale, with the exception of 2020 during the height of the pandemic. The Put-in-Bay Resort Hotel & Conference Center generates in excess of $5 million annually, he said. The property was built in four phases beginning in 2006. The property "is a flawless merging of island ambiance and contemporary hotel luxury," according to promotional material at a social media site. The sale was financed by Genoa Bank, in Genoa, Ohio, and through F&M (Farmers and Merchants) Bank. Mathys said the county auditor's office previously told him the largest transaction for a hotel in the county had been $6 million paid for the Holiday Inn Express, which makes Monday's sale of the Put-in-Bay Resort a record for the entire county. Mathys said he will continue operating the Edgewater Hotel in Put-in-Bay, and he plans to spend more time with his family. They recently adopted a child from Nicaragua, he said. "We plan on doing a little traveling," he said.