Martha's Vineyard Developer To Buy Point Breeze Hotel on Nantucket

Mark Snider, owner of the Winnetu Ocean Resort and Edgartown resident, struck a deal to buy the historic Point Breeze Hotel on Nantucket this week from TD Bank for an undisclosed sum, 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 $12million.

TD Bank officials would not comment on the sale, which is believed to occur in January, yet on Thursday, Snider signed a Purchase and Sale agreement to buy the Point Breeze, according to the Inquirer and Mirror.

"It was less than the bank would have liked to receive and more than I would have liked to have paid, which indicates to me it was a fair price,"  Snider told the Inquirer and Mirror.