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August 2, 2010

Ocean Prop. buys Bar Harbor inn

By The Mainebiz News Staff

New Hampshire-based Ocean Properties Ltd. has expanded its holdings in Maine with the purchase of a Bar Harbor inn.

The company bought the bankrupt Ledgelawn Inn last month for an undisclosed price that topped $1 million, according to the Bangor Daily News. The 33-room inn was put up for auction in March after former owners Daniel and Joan Mills defaulted on their mortgage payments and filed for bankruptcy in February, but the auction yielded no acceptable bids. Eben Salvatore, an Ocean Properties spokesman, told the paper the company negotiated a sale agreement with Machias Savings Bank after the auction, and plans to renovate the inn. The property was assessed for nearly $2.9 million, according to the paper.

Ocean Properties owns more than 100 resorts and hotels, including the Harborside and Regency hotels in Bar Harbor and the Samoset Resort in Rockport. The company in April received approval from Bar Harbor officials to build a $12 million, 110-room hotel.

Go to the article from the Bangor Daily News >>

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