Mark Snider, owner of the Winnetu Oceanside Resort at Katama, has inked a deal to purchase an iconic Nantucket hotel.

Mr. Snider paid $2.8 million to buy the Point Breeze from TD Bank, which has owned the hotel since it fell into foreclosure two years ago, the Nantucket Inquirer and Mirror reported this week. Mr. Snider also has been granted a $40 million construction loan from the bank.

The Point Breeze has a rich history on Nantucket that dates to 1891. The formerly family-owned hotel has sat vacant since plans by a previous developer to convert to luxury condominium residences fell apart three years ago. The property was initially put on the market by TD Bank for $12 million, the Inquirer and Mirror reports.