Winnetu Owner Buys Historic Nantucket Hotel

Mark Snider, owner of the and Edgartown resident, purchased the historic Point Breeze Hotel on Nantucket this week from TD Bank for $2.8 million, according to The Nantucket Inquirer and Mirror.

TD Bank foreclosed on the Point Breeze in 2009 and purchased it in 2010 at a public auction. It had listed the property for $12 million.

The Inquirer and Mirror reported that Snider, "Hopes to return the four-story structure to a traditional hotel by reducing the size of the proposed restaurant on the first floor and increasing the number of rooms to 54 suites."

He hopes the hotel will open this summer.