Image courtesy of Linchris Hotel Corp.

As the Massachusetts leisure travel market recovers from its COVID slump, a Plymouth developer has acquired a 266-room hotel and resort in Hyannis.

Linchris Hotel Corp. acquired the Cape Codder Resort & Spa from Catania Hospitality Group of Hyannis. The price was $47 million, according to a Barnstable County deed. HarborOne Bank provided $44.9 million in mortgage financing.

The property includes 18,000 square feet of meeting and event space along with a water park, indoor and outdoor pools, and four food and beverage operators including Hearth n’ Kettle restaurant.

JLL Managing Director Alan Suzuki said a sustained recovery in leisure travel starting in the spring has led to a recovery in Massachusetts room rates following the pandemic dip.

“Coming out of the pandemic, the leisure travelers were certainly driving the momentum here,” Suzuki said this week. “Corporate travel was still recovering, but leisure was fully back. For owners, it means for the first time in the last couple of years they are enjoying nice cash flows.”

Suzuki and JLL Senior Director Matthew Enright represented the seller, while JLL’s capital markets debt advisory team of Managing Director Greg LaBine and Senior Director Amy Lousararian sourced the financing.

“The competitive financing process shows that there is still ample liquidity in the local banking market for well-located assets like the Cape Codder,” Lousararian said in a statement.