Approximately $14 million in liens were filed against the seller by contractors who worked on an extensive renovation.
Get Instant Access to This Article
Subscribe to Mainebiz and get immediate access to all of our subscriber-only content and much more.
- Critical Maine business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Mainebiz Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article.
Atlantic Hospitality sold the 19th-century Asticou Inn in Northeast Harbor to NAECO LLC for $60.75 million, after the property was subject to approximately $14 million in liens.
NAECO LLC is a subsidiary of Ocean Properties — a family-owned hotel management and development company founded in 1969 with properties in Maine, Florida and elsewhere.
Atlantic Hospitality is owned by Tim Harrington, a hotelier, real estate developer and entrepreneur with multiple Maine properties.
Through his limited liability corporation Asticou Hospitality LLC, Harrington acquired the inn in 2023 for $7.75 million, then led a year-long $28 million renovation. The property reopened in July 2025.
But approximately $14 million in liens were filed against Asticou Hospitality LLC by contractors who worked on the renovation. In February, Harrington was subject to an involuntary petition for relief under Chapter 11.
The $14 million was paid out of the $60.75 million sale price, Eben Salvatore, Ocean Properties’ director of operations, told Mainebiz.
“Everyone was paid,” Salvatore said. “Several of the contractors have agreed to come back and finish what’s left to be done. So it’s worked out well.”
In February, lienholders filed an involuntary petition for relief under Chapter 11 in the U.S. Bankruptcy Court in Maine. Judge Michael A. Fagone is overseeing the case.
Working agreement
Atlantic Hospitality and Ocean Properties said they’re working together to ensure a smooth transition. Harrington said his company is working through the completion of contractor commitments as part of the sale.
Ocean Properties placed the inn under its Opal Collection, which has 16 properties in Maine, New Hampshire, Florida, New York and Tennessee. The collection’s Maine properties include the Harborside Hotel, Spa & Marina; West Street Hotel; and Bar Harbor Club in Bar Harbor, as well as the Samoset Resort in Rockport.
Ocean Properties said the Asticou will open for the season on May 15.
The 2025 restoration included guest rooms in the main building and standalone two- and three-bedroom ocean view cottages, a restaurant called Dahlia’s and its verandah and a cocktail spot called Moss Bar.
The main building was almost entirely completed and the restaurant and cottages were completed, said Salvatore. Some additional rooms were added and partially completed.
“That’s what we’re working on now,” Salvatore said.
“Our family has been living and working in Mount Desert Island for generations, and this property holds a special place in the fabric of the community,” Mark Walsh, Ocean Properties’ vice president, said of the Asticou in a news release.
The Asticou, which sits at 15 Peabody Drive above the water of Northeast Harbor, was named to Esquire’s 2026 Best New Hotels list.
Sandy Pines
Earlier this year, Harrington's Sandy Pines Campground in Kennebunkport filed for Chapter 11 voluntary bankruptcy protection, according to a petition filed with the U.S. Bankruptcy Court for the District of Maine. The filing lists $10 million to $50 million in both assets and liabilities.
As a result of the move, a foreclosure auction of the 46-plus-acre property was put on hold.
Atlantic Hospitality owns and operates the Wanderer in Kennebunkport, the Lincoln Hotel in Biddeford, the Dunes on the Waterfront in Ogunquit and three properties in Downeast Maine under the Acadia Collection banner.
