The Capri Southampton’s owners, celebrity attorneys Mark Geragos and Tina Glandian announced today that they have entered into a joint venture with real estate entrepreneur Mayank Dwivedi to manage the boutique hotel.
Dwivedi has also owned a majority share of the iconic Maidstone Hotel in East Hampton, along with Irwin Simon, since 2023.
“I am thrilled to partner with Mark Geragos and Tina Glandian on this exciting venture,” said Dwivedi, the managing partner of Yankee Hotel Management LLC. “Together, we are committed to turning The Capri into a five-star resort with a top-line focus on making every guest’s experience a memorable one. Our goal is to make the Capri hotel brand synonymous with luxury lifestyle through pop-ups with high-end brands and expansion to new markets in the United States.”
The transaction for The Capri Southampton, located at 281 County Road 39A, closed in the second quarter for an undisclosed amount, according to a statement from Geragos Global.
The hotel went on the market last summer for $29 million.
Under the new agreement, The Capri recently debuted new food and drinks with Ketchy Beach from the team behind Manhattan hotspot Ketchy Shuby.
Just minutes from Southampton Village, the Capri Southampton has been home to notable nightlife spots, such as the Pink Elephant, Nobu and BLT. Described as offering “classic sophistication in a beach-chic setting,” there are 30 guest rooms, including three club suites. The Bathing Club at The Capri features “a poolside retreat where guests can relax on chaise lounges and daybeds with a cocktail in hand.”
Howard Stern, J. Lo, Amy Poehler and even Nancy Pelosi are just some of the well-known past guests. The Capri has also hosted Saturday morning roundtables attended by Governor Kathy Hochul, New York City Mayor Eric Adams and state Attorney General Letitia James. The hotel has been featured on many television shows, including Summer House, Real Housewives of New York City and Real Housewives of Beverly Hills.
Geragos and Glandian, principals of Geragos Global, purchased The Capri in 2015 for $4.7 million, records show. Geragos Global’s hospitality portfolio includes a 143-key resort at the foothills of the San Jacinto mountains in California known as the V Palm Springs, a boutique beachfront hotel in San Clemente, California known as Casa Tropicana, and a 1,000-acre historic lakefront property in the Catskills, made famous by The Marvelous Mrs. Maisel, where the second season was filmed.
The group has invested significant capital into renovating the property over the last nine years, says Brown Harris Stevens, which listed The Capri in 2023.
Dwivedi, who held positions at Wall Street Investment Banks, brings more than two decades of experience in the financial sector. A real estate investor, he says he believes in the owner-operator model with “a track record of turning around distressed real estate portfolios and possesses a variety of real estate interests on the East Coast, including The Maidstone in East Hampton.”
He acquired The Maidstone with Irwin Simon, the chairman and CEO of Tilray Brands, Inc. who recently bought Montauk Brewing and is also a partner in the Lobster Roll restaurants,
Dwivedi says he is looking to expand his portfolio with additional boutique hotels and hospitality ventures, including holding 100 keys in the Hamptons.
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