Courtesy / Cini Family
Tracy and Mark Cini traded corporate careers to buy the Spouter Inn in Lincolnville.
Updated: November 21, 2022
Four years after last sale, a new set of innkeepers takes over historic Lincolnville B&B
Courtesy / Swan Agency
Spouter Inn was built in 1832 and renovated in 1986.
Just about four years ago, a historic Lincolnville bed-and-breakfast sold to a Rhode Island couple who viewed the purchase as a perfect “second act.”
Now the Spouter Inn Bed and Breakfast has been sold again, this time to a North Carolina couple who have dreamed of owning a hospitality property on the Maine coast for a quarter-century.
“We took a detour to North Carolina for 22 years,” said Tracy Cini. “But we love Maine.”
Tracy and Mark Cini bought the inn, at 2506 Atlantic Highway, from Linda and Marc Impagliazzo for an undisclosed price.
The transaction was brokered by Eben Viens of the B&B Team and Dana Moos of Swan Agency.
Moos, who represented the sellers, said each deal has its own reason for a quick flip.
“In the case with the Spouter sellers, it was a combination of their son getting married and talk of the first grandchild, so they really thought they wanted to be closer – Rhode Island – when that time came,” Moos said. “They weren't really ready, but they told me they'd be foolish not to consider selling now, rather than putting it on the market when they were ready and then having to wait to move back to be with the family.”
In some cases, she continued, sellers may be thinking that, in a heated market, they should take the opportunity now to sell rather than wait and risk a slowdown.
“I think some potential sellers are going to wonder if they missed the boat, missed the height of the market, with inflation, very high interest rates and talk of recession, so I guess time will tell,” she said.
Viens said the strength of Maine’s real estate market, which was significantly buoyed by the pandemic, has motivated sellers to market their properties, regardless of any underlying reason for sale.
1832 home
The inn, on 1.5 acres across from Lincolnville Beach, was built by the Hallet family in 1832 as a Colonial-style summer home. In 1986, new owners renovated the structure and added a post-and-beam carriage house. The inn has eight guest rooms, which feature Maine hemlock ceilings and ash floors, plus wood finish in mahogany, birdseye maple, cherry, pine and oak. Features include original flooring in the kitchen, dining room and parlor; and fireplaces with original mantels and pot-hangers. A section of the second floor has Southern pine suspension floors was once a dance hall.
ROBS financing
Tracy Cini works in human resources and plans to step down in January. Mark Cini was an assistant delivery manager for a global benefits administrator.
The Cinis got serious about their innkeeping dream several years ago, when they educated themselves in the field through “aspiring innkeeper” educational opportunities.
Courtesy / Swan Agency
The inn features Maine hemlock ceilings and ash floors, plus wood finish in mahogany, bird’s eye maple, cherry, pine and oak.
Over a two-year period, they looked at five inns, four of them in Maine.
“This property is fabulous,” says Tracy. “Lincolnville is a great little town.”
The inn is in the town’s downtown area, a short walk from a couple of restaurants and the beach.
The property was in excellent condition. The couple is focusing on a few minor changes to start, such as swapping in new linens and towels.
They also plan to turn an available first-floor space into a ninth guest room.
The deal was financed in part with a traditional mortgage and also a funding vehicle called “rollover for business startups,” or ROBS, that provides penalty-free access to retirement income to buy a business and pay startup costs.
“We wanted to make sure we didn’t end up with too much mortgage to cover,” said Tracy. Additional cash came from the sale of their North Carolina home.
Spouter Inn has been operating year-round and the Cinis plan to keep it that way with a goal of expanding their off-season guest count traffic, perhaps by tying their marketing in with local offerings such as the toboggan championship in Camden.
There’s been a learning curve.
“The courses were very helpful and they all made sense — until you actually get there and you’re doing it every day,” said Mark. “It’s learning on the job.”
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