Surf City’s historic Loggerhead Inn and Suites will be under new management in a few weeks in what could be a record-breaking deal for Topsail Island, the previous owner said.
After renovating the boutique motel at 622 N. New River Drive a few years ago, owner Richard Stroupe puts more emphasis on the new Saltwater Suites, which opened over Memorial Day weekend after 15 months of construction. The new owners of Loggerhead are Carolina Resort Company, LLC and the Harrington family.
“Originally we wanted to offer these suites under the Loggerhead brand,” said Stroupe. “However, after analyzing the history of Loggerhead and the future of what we are trying to capture with the new property, we felt it best to create a brand new vision and direction for these suites, which is why we are launching a new brand called Saltwater Suites at Topsail for this property.
“After going back and contemplating running two different hotels, my family and I decided it would be best to solicit offers to sell the Loggerhead after understanding all the work we put into what went into extremely difficult for the past two years.”
After speaking to several real estate agents, Stroupe said it will be the highest dollar transaction on the island. A listing of LoopNet has set the price at $7 million Loggerhead Inn and suites. According to the parties involved, this is the largest purchase on Topsail Island.
Mike Harrington, former owner of Carolina Retreats, looks forward to being the new owner of Loggerhead Inn along with some familiarity. Carolina Retreats has operated the 30 room business since 2018.
“Richard and I have worked together on this project from the beginning,” Harrington said of the operating company. “It happened to be a good opportunity. He wanted to sell and we were in a good position to buy.”
The company operated properties similar to the Beach House on Oak Island and the Tranquil House Inn on the Outer Banks. Harrington said it’s another good property in the collection as everyone is familiar with the ins and outs of a motel business.
“From our perspective, it seemed like a really great investment,” he said.
Stroupe said he did a great job running and operating Loggerhead while truly recognizing the value it would bring to the community and guests. Harrington said it will continue to operate under the same name while offering the same amenities. Some of them include a picnic area, private pool, pergola for entertaining, rooms equipped with cable television, mini-fridge, microwave and much more.
“We’ll likely be rolling out some amenities over the coming months and years,” Harrington said. “We will continue to have the same staff, logos and branding. We are excited to be able to integrate it with our other hotels and have a collection that we can offer to guests in other destinations.”
The arrangement stipulates that Stroupe will provide substantial seller financing to handle the mortgage process rather than another financier, which was one of the reasons the deal worked well. According to all parties involved, the closing date will be late July, which will make the transaction official once the property is in Harrington’s hands.
It opened more than 60 years ago and has undergone several changes with different owners over the years. The property was the first family-run car dealership for visitors to the island.
Adam Resnick was one of the previous owners along with family members in the 1990s before it was sold to Stroupe. Resnick looks forward to continuing operations at what he called the premier place to stay on Topsail Island through the Harrington ownership.
“I think it’s amazing what he’s done with the hotel,” Resnick said of Stroupe’s work. “What he did was just crazy. He remodeled the whole hotel 100 percent. He took it from an OK, 2 star hotel to a 5 star hotel. It’s absolutely perfect.”
Reporter Chase Jordan can be reached at [email protected]