The neon signs, doo-wop style and 1950s nostalgia is the first thing people notice — and remember — about the Wildwoods. The mid-century motels line the island, their architecture and vibe reverberating throughout the area.
This offseason, at least eight are up for sale, a potential threat to the longstanding calling card of the popular Jersey Shore destination.
Many of the motels have been in operation for close to 70 years and while that may bring a retro feel, it also brings the need for capital improvements and renovations. Experts say some longtime owners are looking to cash out, selling for millions of dollars the motels they bought for hundreds of thousands.
The eight motels currently listed total 312 units, with prices ranging from $2.6 million for the Aruba Motelto $11.8 million for the Beach Terrace Rusty Rudder Motor Inn.
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Though most have been around for more than half of a century, the motels aren't being listed due to lack of use. The Wildwoods are coming off two straight years of record-breaking tourism tax revenue after emerging from the pandemic, said Ben Rose, a spokesman for the Greater Wildwoods Tourism Improvement and Development Authority. The five-year average in tourism revenue in the past half-decade, not including 2020, has been a 23% increase over the previous five years.
Rose said it's common to see hotels and motels pop up on real estate listings following strong tourism years as longtime owners look to capitalize. That, combined with the aging properties and record-high real estate prices, has owners weighing the cost benefit, said Brian Reed of Long and Foster Real Estate in Avalon.
Reed, who has grown a substantial social media presence for his commentary on southern Jersey Shore real estate, also said he's seeing developers from Philadelphia increasingly invest in Wildwood. He used the example of Bala Cynwyd-based investment firm BG Capital, which counts the Seaport Pier and Seaport Inn in its portfolio. The investment company renovated the Isle of Capri Hotel and renamed it the Seaport Inn, in what could be a sign of things to come for the Wildwoods.
Business
To see the full list of motels and their locations, read the full article on PBJ.com.
To read about more business stories in the Philadelphia area, visit PBJ.com.
