Lafayette Hotels buys Holiday Inn By the Bay
Bangor-based Lafayette Hotels Group yesterday said it has purchased the Holiday Inn By the Bay in downtown Portland, the state's largest hotel and convention center.
Lafayette Hotels purchased the 239-room hotel for an undisclosed amount from Indiana-based Harper Hotels, Peter Daigle, Layafette's COO, told Mainebiz this morning. Harper in January put on the market both of its Portland Holiday Inns, the Holiday Inn By the Bay on Spring Street and Holiday Inn - Portland West on Riverside Street.
James A. Morris, president of Harper Hotels, told Mainebiz this morning that the Holiday Inn - Portland West, which has 200 rooms and is valued by the city at $10.6 million, remains on the market with an asking price of $3.5 million. Morris would not divulge a sale price for the Holiday Inn By the Bay, though it's valued by the city at $17.3 million.
Lafayette Hotels, which operates 22 hotels in Maine, three in New Hampshire and one in Michigan, plans to keep the Holiday Inn By the Bay in the Holiday Inn system, according to a press release from the company. It also plans to rehire all of the staff in good standing at the time of the sale, including Gus Tillman, general manager of the Portland hotel since its opening in 1973, and make renovations to the guest rooms.
Ranked by the number of guest rooms, Holiday Inn By the Bay is tied for the second largest hotel in the state with The Anchorage by the Sea in Ogunquit. The largest hotel in the state, ranked by guest rooms, is The Bar Harbor Regency, which has 278 guest rooms. If convention space is considered, Holiday Inn By the Bay, with 15 conference rooms, is the state's largest hotel and convention center.
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