Wason Associates Hospitality Real Estate Brokerage Group is pleased to announce the successful transaction of the Admirals Inn and White Rose Inn in Ogunquit, Maine which closed on June 18, 2014 for $7,500,000.
Located at 87-95 Main Street in Ogunquit, the Admirals Inn is adjacent to the White Rose Inn. These are both highly sought-after resorts in New England that are located in a tourist town along Maine’s coastal Route One. The two properties have a combined 72 guestrooms and are in excellent condition. The transactions were negotiated between the seller, Elivia, LLC and Elivia II, LLC, and the buyer, Petelli Group, LLC, by Wason Associates Hospitality Real Estate Brokerage Group.
“We are very pleased by the negotiations of the Admirals Inn and White Rose Inn in Ogunquit, Maine,” states Earle Wason, President of Wason Associates. “The new owners can expect a strong cash flow and ‘barriers to entry’ that make this an exceptional hospitality property in Maine, as well as New England as a whole. We are thrilled that Wason Associates continues to facilitate the successful transfers of hospitality properties during these recovering economic times.”
About Wason Associates
Wason Associates Hospitality Real Estate Brokerage Group is a highly-respected New England-based brokerage firm comprised of professionals who bring a unique combination of financial, banking, and real estate expertise to each transaction. President Earle Wason, CCIM has over 30 years of experience in the hospitality real estate market. Offering advisory services to both buyers and sellers, Wason Associates provides a strategic, client-centric approach to problem-solving, financial advising, and transaction execution. For more information on Wason Associates, visit hospitalityrealestate.com.