Photo / Courtesy CORE
Seen pre-renovation, a Rockport hotel was in “significant disrepair."
Updated: 6 hours ago
Dilapidated Rockport hotel is renovated and reopened in 60 days
Photo / Courtesy Malone Commercial Brokers
The overhaul included new furniture, finishes and high-end bedding.
The renovation of a Rockport hotel in “significant disrepair” was performed in 60 days and will soon be completed with a reopening scheduled for Aug. 1.
Migis Hotel Group — a Westbrook hospitality management company operating boutique hotels — bought 337 Commercial St. for $1.1 million on May 2.
The listing price was $1.9 million.
Cheri Bonawitz of Malone Commercial Brokers and Ryan Carey and Ben Spencer of CORE facilitated the deal.
Once the sale closed, the buyers moved quickly to secure permits and crews and iron out the design and logistics, according to a news release. The hotel is now called Harkness Brook Inn.
The timeline is considered to be a quick turnaround.
“This is a textbook example of identifying a value-add asset and assembling the right team to unlock its potential,” said Bonawitz, who represented the buyer. “The combination of vision, speed and collaboration is what truly sets this project apart.”
Migis Hotel Group will operate the property.
Quick turnaround
The property, previously called the Schooner Bay Motor Inn, consists of a two-story, 8,339-square-foot building with 20 guestrooms and is on 4.5 acres. It was built in 1965.
The property had long been underperforming due to years of deferred maintenance, according to the release.
The building was damaged by fire earlier this year, according to multiple news reports.
The overhaul of the building included new furniture and finishes, high-end bedding, modernized safety and information technology systems and repositioning under a new brand.
The project was initiated by Migis Hotel Group, which has carried out previous ground-up builds and hotel renovations. This project was a first in terms of how quickly it was carried out.
‘Long-term value’
The management company partnered with Azad Legacy Partners LLC, a real estate investment, development and management firm in Lexington, Mass., to acquire the asset and move quickly on the turnaround.
Azad said the property was attractive as an investment for “the long-term value of the location.”
Other hotels operated by Migis are Migis Lodge on Sebago Lake, Black Point Inn and Higgins Beach Inn in Scarborough, the Inn At Ocean's Edge in Lincolnville, the Elmwood in Waterville and 250 Main Hotel in Rockland.
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