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January 6, 2009

Holiday Inns for sale

By The Mainebiz News Staff

Both Portland-based Holiday Inns are for sale, putting two of the city's top three hotels on the market.

Holiday Inn by the Bay on Spring Street has 239 rooms and 14 meeting spaces, making it the state's largest convention space. It's valued by the city at $17.3 million. Its sister hotel, Holiday Inn - Portland West on Riverside Street has 200 rooms and is valued at $10.6 million.

The two properties are owned by Indiana-based Harper Hotels Inc. and are being sold together, reported the Portland Press Herald. CB Richard Ellis is the leasing agent. Between January 2006 and March 2008, CB Richard Ellis closed on six hotel transactions, averaging $70 million per deal, according to its a second quarter 2008 report. A call to Harper Hotels for comment was not returned by press time.

The sale could be conected to the death of Henry Harper Jr., founder of the hotel chain and a seasonal resident of Kennebunk, according to the Press Herald. Harper died at Southern Maine Medical Center in December 2007, the paper reported.

The two hotels are managed by Gustave Tillman, who has overseen the Holiday Inn by the Bay since it opened in the mid-‘70s. The Holiday Inn by the Bay's conference space can accommodate a crowd of 1,200, dwarfing the next largest conference space of 800 at the Atlantic Oakes Resort & Conference Center in Bar Harbor.

Ranked by the number of guest rooms, Holiday Inn By the Bay is tied for the second largest hotel in the state with The Anchorage by the Sea in Ogunquit. The largest hotel in the state is The Bar Harbor Regency, which has 278 guest rooms. 

 

 

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