Family-owned Ogunquit resort sold for over $5M
Courtesy / Daigle Commercial Group
An aerial view of the Colonial Village Resort at 548 Main St. in Ogunquit.
Courtesy / Daigle Commercial Group
Courtesy / Daigle Commercial Group
OGUNQUIT—The landmark Colonial Village Resort recently sold for a price believed to be in excess of $5 million.
The exact amount was undisclosed.
The property had been in the same family for more than two decades.
“The property was in need of a repositioning, and the new owners plan to make capital improvements to transform the property,” said Roger Daigle of Daigle Commercial Group, who brokered the deal with the assistance of Nick Farrell and Mitch Muroff. “The property has resort amenities, including an Olympic-size outdoor swimming pool, a heated indoor pool with hot tub, tennis court and access to the water.”
The property is within walking distance to the beach, restaurants, shopping and other attractions.
“All of those factors lend themselves well to a repositioning as a contemporary resort,” said Daigle.
In a deal that closed May 24, Sue Voorhis sold the property at 548 Main St. to Vish and Anita Patil, sibling partners who live in California and own other lodging properties in Maine, including the Comfort Inn in Freeport and a small resort-motel in Saco.
Located near the water, with an ocean view in a popular resort community, Colonial Village is one of the few resorts in the area with water access, said Daigle, who represented the seller.
Dating to 1950, the resort has expanded over the years and today comprises 44,702 square feet of inn and motel space spread across 11 buildings.
In all, there are 71 units, including four cottages, five year-round apartments, 20 suites and 42 motel units. It is on 4.67 acres and includes parking.
“The property is one of the landmark resort properties in Ogunquit,” said Daigle.
The operation has been consistently profitable through the years, but Voorhis was ready to retire from the resort business to pursue other interests, said Daigle.
The Patils, originally from New Jersey, oversee their properties and have managers for day-to-day operations. There has been no interruption in the resort’s seasonal operation. With the season upon them, the Patils plan to do some sprucing up for now and potentially start more extensive remodeling in the fall.
Lodging transactions are a happening thing in Ogunquit lately. Daigle Commercial Group also brokered the sale of the upscale Parsons Post House Inn, a bed-and-breakfast purchased by the owners of Sea Chambers, in a deal completed May 12.
That transaction enabled the latter’s guests to enjoy the amenities of the inn property with a heated outdoor pool, hot tub, fire pit, attractive courtyard guest patio and oceanfront deck. The property had undergone a complete transformation four years ago by the previous owner, Laura Magliochetti.
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