A hotelier with multiple Maine properties has bought the 19th century Asticou Inn for $7.75 million.
Tim Harrington — a hotelier, real estate developer and entrepreneur who acquired the Claremont Hotel in Southwest Harbor in 2020 and Salt Cottages in Hulls Cove in 2021 — this month acquired Asticou Inn and Restaurant in neighboring Northeast Harbor as part of his growing Acadia collection.
The seller was Asti-Kim Corp.
“I have long understood the power and draw of this small but impactful region of the world,” said Harrington. “For more than a century, this iconic inn has welcomed guests to the foothills of Acadia and under our stewardship. We’ll thoughtfully restore the property for today’s travelers while maintaining the integrity of its formidable presence along Northeast Harbor.”
Three cottages near the main inn building and three houses were included in the sale.
Harrington, who was honored as a Mainebiz Business Leader of the Year earlier this year, owns Atlantic Holdings, a real estate development and management company that includes Batson River Brewing & Distilling, Sandy Pines Resort Campground, the Lincoln Mill Lofts & Hotel and the Wanderer Cottages.
He was a founder of the Kennebunkport Resort Collection, where he remains a partner.
Harrington launched his first commercial-leasing project at a young age, becoming partner in a Boston real estate company before the age of 20.
In 2005, he redeveloped a hotel property called Cottages at Cabot Cove, in Kennebunkport. That was followed by the acquisition and redevelopment of a number of other hotel properties.
The Savage family settled on land at the head of Northeast Harbor in 1798, according to the inn’s website.
In 1854, Augustus Chase Savage and Emily Manchester Savage built their home atop a hill overlooking the harbor. That cottage is now known as Cranberry Lodge and is the oldest of the Asticou Inn buildings in use today.
In 1870, the Savages began housing boarders. The main inn was constructed and began welcoming guests in 1884. The original building burned down in 1900, but it was rebuilt and opened in the summer of 1901. Guests would often stay for an entire summer.
Operations were suspended in 1941. The inn reopened in 1946.
In the early 1960s, the Asticou Inn and another Northeast Harbor lodging were sold to the Asti-Kim Corp., a group of local businesspeople and summer residents seeking to preserve the hotels’ history.
Overlooking the waters of Northeast Harbor, the Asticou will remain open for the 2023 season before undergoing a restoration led by Harringon’s team.
Plans for renovations and reopening dates will be announced in the coming months.