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April 26, 2023

Massachusetts hotelier buys Ogunquit inn — its 24th property in Maine

Courtesy / Wason Associates Giri Hotels acquired Anchorage by the Sea, at 125 Shore Road in Ogunquit, as part of a series of Maine-based transactions in less than two years.

A hotel with a presence on the waterfront in Ogunquit sold to a large hotel management firm headquartered in Quincy, Mass.

Giri Hotels acquired the 249-room Anchorage by the Sea, at 125 Shore Road, AMIO LLC and Anchorage Motor Inn Ogunquit Inc. 

The price was not disclosed, but one hotel insider indicated it might be a record for a Maine hotel. 

Earle Wason — president of Wason Associates Hospitality Real Estate in Portsmouth, N.H., which negotiated the transaction on behalf of the seller — said the sale price was “likely the highest” of a hotel ever in Maine.

Anchorage by the Sea is the 47th hotel in Giri's portfolio and 24th property in Maine. It is now Giri's largest hotel in Maine. 

Anchorage by the Sea is Maine's third-largest hotel, according to the hotels list that will be published May 1 in Mainebiz. 

Since late 2021, in Maine, Giri's has acquired the beachfront Union Bluff Hotel in York, the 450-acre Sebasco Harbor Resort in Phippsburg and, last December, the Bethel Inn Resort, a full-service resort founded in 1913 at 21 Broad St., with 200 acres, 50 rooms and several condos. 

Anchorage by the Sea

Situated on the ocean and Ogunquit’s Marginal Way, Anchorage by the Sea has 249 rooms and amenities that include ocean access, heated indoor and outdoor pools, an onsite restaurant and bar and a hot tub. It also offers its location for weddings, corporate events and bus tours.

Marginal Way is a 1.25-mile cliff walk that includes a paved path and benches and winds past a series of hotels and inns as well as a rocky beach, according to the tourism website

Ryan Amin, Giri’s managing partner, said the company has operated hotels in coastal Maine for over a decade, “and we have always admired Anchorage by the Sea.”

Amin noted the company operates several hotels in the region “that not only provide local jobs, but bring in a huge influx of seasonal people who support the local economy in many ways.”

Giri plans to maintain its presence in Maine “for the long term,” he said, adding, “We are continuously investing in improving and beautifying our properties to make the town more beautiful and give people a reason to visit year after year.”

Wason Associates in Portsmouth, N.H., is a hospitality real estate brokerage group that has experience working with large-scale hotel companies looking to expand. The sale of Anchorage by the Sea is the latest in Wason’s portfolio of transactions successfully facilitated.

“The Giri team is very professional in their approach,” Earle Wason, the company’s president, said in a news release. “They followed through in a timely manner and have an experienced and knowledgeable team to handle their due diligence and transfer of operations.”

Michael Scavotto, Giri Hotels’s director of operations, said the hotel was a family-run property since 1978.

Giri Hotels owns and operates 47 properties in Maine, Massachusetts, New Hampshire and Vermont.

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