Asticou Reopens May 15.
NORTHEAST HARBOR—As previously reported in the Bar Harbor Story, the Asticou Inn, a historic Northeast Harbor property, has been purchased by an Ocean Properties affiliate and will reopen in May.
“We are honored to welcome The Asticou Hotel into our Opal Collection portfolio,” said Mark Walsh, Vice President of Ocean Properties. “Our family has been living and working in Mount Desert Island for generations, and this property holds a special place in the fabric of the community. We are excited to build on its remarkable history while thoughtfully enhancing the guest experience — bringing both a sense of continuity and a renewed energy to one of Maine’s most beloved destinations.”
The historic 1884 inn was purchased from Maine hotelier Tim Harrington. Harrington had extensively renovated the inn, which he’d purchased for approximately $7.7 million. The Asticou closed during an extensive renovation and construction of spa suites and cottages on the inn’s harbor side.
The Asticou’s renovation resulted in multiple liens from contractors. The matter ended in bankruptcy court this February. In March, the request to sell the property was approved. The sale was for approximately $60 million. The liens were $10 million and will be paid. Just over $57 million is owed to creditors and banks.
Along with hotels in Kennebunkport, Harrington owns the Salt Cottages in Bar Harbor and Claremont in Southwest Harbor. He has paid his own bankruptcy attorney approximately $178,000 before the bankruptcy filing was forced.
The press release read, “The revival of The Asticou was made possible by the dedication and craftsmanship of many partners, tradespeople, and collaborators. Atlantic Hospitality is grateful for the care and expertise that brought this project to life and is actively working through the completion of those commitments as part of this process.”
Ocean Properties began in 1969 when Thomas T. Walsh purchased Brewer’s Plaza Motel. Since then, the Walsh family’s company expanded to market more than 100 hotels and host 19,000 guest rooms throughout North America. Locally, those include the Bar Harbor Regency; Harborside Hotel, Spa, & Marina; and West Street Hotel.
The Harborside and Bar Harbor Club were extensively restored as were the historic Wentworth by the Sea in New Hampshire, which the company also owns.
“Located in the heart of Mount Desert Island, the Asticou will continue to serve as a premier destination for visitors seeking both relaxation and access to Acadia’s natural beauty,” Ocean Properties representative Eben Salvatore said. “We look forward to building on its legacy.”