Beachfront resort in York sells for $23M
A resort with a historic existence on Brief Sands Beach front in York marketed this 7 days to a substantial resort management agency headquartered in Quincy, Mass.
Brent and Mary Jane Merritt bought the Union Bluff Lodge to Giri Resort Administration for $23 million, in accordance to Portland-centered Maine Realty Advisors, whose brokers Ryan Carey and Frank Carr represented the sellers.
Giri Lodge Management has 45 New England houses, almost 50 percent of which are in Maine. It trades beneath resort manufacturers ranging from Hilton Back garden Inn to the Comfort Inn.
“This resort has an remarkable legacy and historic indicating to the town and community. Our leadership staff, principals, and buyers could not be happier to include this resort to our family members. The Union Bluff is renowned for its course and locale, and we are enthusiastic for Giri to extend its footprint in Maine. We search forward to doing work with the awesome workforce customers who have designed the Union Bluff effective for so several years, when serving the repeat clientele in York. We will also operate with the city and community for long run growth designs.” Ryan Amin, a principal at Giri Lodge Administration, stated in a push release.
The hotel, at 8 Beech St., has three structures. The key setting up has 41 rooms and suites, most with ocean sights. In the spring, summer season and tumble an additional 21 rooms are manufactured out there in an adjoining motel-styled annex, according to the hotel’s internet site.
There’s also a Conference Dwelling creating, at 4 Beech St., that can accommodate up to 200 guests. It consists of a convention centre and ballroom.
“This is a monumental sale in both the hospitality market and for York County as a group,” Maine Realty Advisors’ president, Josh Soley, advised Mainebiz.
Dates to article-Civil War tourism boom
The hotel was at first named the Union Bluff House and was constructed in 1868 by Moses French, right after an explosion of tourism pursuing the Civil War led to the local community now identified as York Seashore.
The hotel’s names and proprietors improved more than the yrs, but it remained the exact in visual appearance except in the early 1900s, when a second tower was additional to the close of the hotel and the central peaked dormer was changed with a square tower.
The authentic constructing was 1 of the previous aged wood constructions in York Seashore when it was destroyed by fireplace in 1987.
The hotel was rebuilt two a long time afterwards.
“It’s a landmark,” mentioned Carey.
The sellers experienced been running the institution due to the fact the 1980s.
“They developed a phenomenal small business,” he stated. “It’s what we contact a complete-assistance resort,” run 12 months-spherical, providing food items and beverage, web hosting gatherings these as banquets and wedding, and using about 100 staffers throughout the summer time.
“It’s really a fast paced position, especially in the summer time,” mentioned Carey.
The sellers had been prepared to retire and uncovered customers were spending leading-greenback for hospitality properties, he reported.
“The time was correct,” stated Carey.
Off-market place deal
Carey and Carr labored with the sellers for about 10 months, despite the fact that the lodge was never ever publicly listed for sale.
“We experienced ample curiosity from a multitude of potential buyers throughout the region,” reported Carey. “The purchaser has a sturdy footprint in York County and Southern Maine and also has the scale to acquire on the a task this big.”
The ailment of the assets is excellent, possessing been nicely maintained above the years, explained Carey.
The rate was almost certainly not a file for the spot but was nonetheless a significant sale, explained Carey.
“Marquee hospitality attributes tend to trade in that vary,” he said.
45th New England assets
Union Bluff is Giri’s 45th New England home.
The hotel is a location venue for weddings and gatherings in southern Maine and caters to equally vacationing holidaymakers and business enterprise vacationers. It is significantly less than two miles from the Nubble Lighthouse, Cape Neddick, browsing parts and the Maine Antique Trail. It is in just an hour’s push to Portland.
“This hotel has an amazing legacy and historic which means to the city and local community,” Ryan Amin, one of Giri’s principals, said in the release.
Giri options to operate with the city and community for upcoming expansion plans, Amin said.
Giri New England has properties in Maine, Massachusetts, New Hampshire and Connecticut. Other Maine-primarily based properties are in Ogunquit, Kennebunk, Bar Harbor, Portland, Freeport, Ellsworth, Saco, Brunswick, Waterville, Bangor, Augusta and Wells.