Investment group finalizes funding for Rumford Best Western
Photo / Maureen Milliken
The site of the planned Best Western in Rumford, with U.S. Route 2 in the background. On Wednesday, Pennacook Falls Investments Ltd. closed Wednesday on a loan that finalizes the capital needed to proceed with construction of a 63-room Best Western Plus Inn and Suites in Rumford.
Pennacook Falls Investments Ltd. closed Wednesday on a loan that finalizes the capital needed to proceed with construction of a 63-room Best Western Plus Inn and Suites in Rumford.
The loan agreement with the Androscoggin Valley Council of Governments, in addition to a previously-secured business loan from First National Bank for the majority of the project funding is combined with personal investments from 29 shareholders who comprise Pennacook Falls Investments Ltd. The Finance Authority of Maine in February approved 75% commercial loan insurance on a $4.1 million loan by First National Bank to Pennacook Falls Investments.
“We are very grateful to our partners in the financial community and in state and local government who have helped us work through the process of securing financing and preparing our site for hotel construction,” said Tony Carter, president of Pennacook Falls Investments.
The investment group is working with hotel builder Tom Lund of Lund Inn Construction, who has previously built 15 hotels, including five with the Best Western flag. Melan Hotel Group, based in New Hampshire, is the hospitality management company for the property, responsible for the day-to-day operations of the hotel.
Pennacook Falls Investments Ltd., is a group of 29 small business leaders and local community members who came together to initiate a project to build a brand-name hotel in Rumford, as a first step toward tapping potential for additional business and tourism growth in the region and revitalizing Rumford’s downtown.
The Rumford area is a gateway to Maine’s western mountains, including nearby Black Mountain and Sunday River ski areas, with numerous trails for hiking, snowmobiling and off-road vehicles, rivers and lakes with boat launches and also businesses including a community hospital and an active pulp and paper mill operated by ND Paper.
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