NJ group buys Lincolnville inn as extended-stay opportunity
Courtesy / Realty of Maine
The Black Horse Inn in Lincolnville sold for $1.115 million to a New Jersey hospitality group.
A New Jersey hospitality group made its first foray into Maine with the acquisition of a midcoast inn, with the idea of marketing it as an extended-stay opportunity.
DB Hotel LLC bought the Black Horse Inn, at 2254 Atlantic Highway in Lincolnville, from ZR Management LLC for $1.115 million.
Ryan Carey of Maine Realty Advisors and Richard Butler with Realty of Maine in Belfast facilitated the transaction.
Kitchenette rooms
Built in 1993, the 10,912-square-foot hotel has 21 guest rooms, all with kitchenettes, along with a coffee shop and cafe and a bar and lounge area with a stone fireplace and heated outdoor pool. The inn sit on eight acres, according to the listing. Some rooms have a full-size Jacuzzi.
The hotel sits well off Route 1 and has ocean views. The property is between Camden and Belfast. The building has hydraulic elevators at both ends and is in excellent condition. There’s an 80-kilowatt propane generator and a large shed housing the water treatment equipment, sprinkler system and laundry facility.
The seller was also from New Jersey and had owned the property since 2012, said Butler.
“She contacted me to list it in May 2021,” he said. “Within eight months or so, we had a lot of interested parties.”
The list price was $1.2 million.
The pandemic contributed to the seller’s decision to sell, he said.
First Maine property
The buyer preferred to stay anonymous, said Carey.
“The inn has been operated as a traditional New England inn,” he said. “The buyer was looking to make it more into a long-stay hotel.”
The rooms are all relatively large compared with typical hotels.
“Its smallest room would be a suite in most hotels and each has kitchenette, so it lent it self well to this type of acquisition,” he said.
The buyer group also liked the location.
“Downtown Lincolnville is very nice, and it splits the difference between Belfast and Camden,” he said. “So it seemed like a great opportunity.”
This was the group’s first acquisition in Maine and it is looking to do more, he added.
The group was attracted to Maine’s strong tourism market, particularly given its expansion in recent years into the shoulder seasons, he said. Coastal towns that once bustled for just three months are now busy for half a year.
“Coastal town like Lincolnville seem like a logical place to capture that economic activity,” he said.
Overall, the hotel is in great shape, but some of the fixtures, furniture and equipment is dated, so the buyer has plans to update the rooms.
“They’re looking to modernize,” he said.
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