Apalachicola, FL – Edgecap Partners LLC, an affiliate of Edgewater Group LLC (“Edgewater”), is pleased to announce the acquisition of the historic Coombs House Inn & Suites (Coombs) in Apalachicola, FL, by CHI Apalach LLC, a subsidiary of Edgewater Valley Forge Fund LP. Built in 1905, the Coombs is a boutique hotel with 23 rooms, suites and an owner’s suite. The original Coombs House was the residence of James N. Coombs, the owner of three sawmills, the First National Bank of Apalachicola, and the Coombs Company, holding historical significance for the town of Apalachicola. The property consists of three platted lots, four guest buildings and one reception hall building. Interior furnishings include antique furniture and decorations. Amenities include full-service breakfast, meeting room and laundry facility. To further enhance the guest experience, the property will undergo various renovations.
The Coombs was ranked as one of the top 50 Inns in the United States and is promoted under a marketing agreement with Condé Nast Johansens. Condé Nast Johansens, from the publishers of Vogue, GQ, Condé Nast Traveler and Vanity Fair, is the premier reference guide for independent global travelers. Condé Nast Johansens remains the most comprehensive illustrated reference to independently owned hotels inspected annually.
The property was purchased for approximately $1.5 million. Financing was provided by Centennial Bank.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate Firm that provides distressed advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States.