Procaccianti Companies Pulls Out Of Deal To Buy Seven Sea Street Inn

The Procaccianti Companies, the Rhode Island firm that owns the Veranda House and several other island lodging establishments, has pulled out of a deal to buy The Seven Sea Street Inn in downtown Nantucket.

The deal, which the Current first reported back in August, would have included the sale of 3, 5, and 7 Sea Street to The Procaccianti Companies pending approval of its bid to expand the establishment by doubling its number of units.

But innkeeper and Seven Sea Street Inn owner Matthew Parker told the Current this week that the deal was dead. At least for now.

"They exercised their option to pull out, without explanation," Parker said. "I can only speculate on their reasons. A bit disappointing but trust things happen for good reasons. Looking forward to another season of innkeeping and see what comes along in the meantime."

According to a major commercial development application submitted to the Planning Board as a special permit application back in August, the Procaccianti Group had intended to demolish the rear building at 3 Sea Street and construct a new lodging house with 12 additional units, which would bring the total to 23 units under common ownership and control.

That project is moot, "for now," Parker said. 

The Procaccianti Companies, with headquarters in Cranston, RI, is a sprawling real estate investment and services firm that owns hotels, single-family and multi-family subdivisions, and apartment complexes, as well as commercial and industrial properties. In addition to TPG Hotels & Resorts, the Procaccianti Group owns the Nantucket Resort Collection which includes the Veranda House, the Chapman House, the Regatta Inn, and the Sherburne Inn. It is currently reconstructing the Veranda House which burned to the ground in July 2022.