The purchase and sale agreement with a strategic buyer was submitted to the U.S. Bankruptcy Court for the District of Maine in a June 1 filing, along with a backup sale to a commercial real estate firm for $12.6 million.
More than three months after
filing for Chapter 11 bankruptcy protection, Sandy Pines Campground in Kennebunkport has agreed to be acquired by a Tennessee-based buyer in a $13.6 million deal that requires court approval.
The purchase and sale agreement with Streamside Parks LLC, an owner of 18 RV resorts nationwide, was submitted to the U.S. Bankruptcy Court for the District of Maine in a June 1 filing.
Should that deal be denied court approval, Sandy Pines has also submitted a backup agreement to sell the business to Star Mesa Properties LLC, a Denver-based commercial real estate firm, for $12.6 million.
Portland-based law firm Bernstein Shur is the attorney for the debtor, which
enlisted Portland-based management firm CBRE Inc., Boston-based Hunneman Commercial Real Estate and Portland-based
Keenan Auction Co. to help find a buyer for the business. Sealed bids were due to Keenan last week.
On Tuesday, Bernstein Shur shareholder Sam Anderson told Mainebiz that the sale agreements submitted to the court are the “result of a marketing process."
A court hearing is scheduled for June 9 in Bangor.
Sandy Pines offered insights into its financial status in its latest monthly operating report filed to the bankruptcy court. The 53-page document, filed May 21, shows total assets of $16.8 million and liabilities of $20.6 million in April.
About Sandy Pines
Sandy Pines is part of Tim Harrington’s Atlantic Hospitality, which also owns and operates the Wanderer in Kennebunkport, the Lincoln Hotel in Biddeford, the Dunes on the Waterfront in Ogunquit and two properties in Downeast Maine under the Atlantic Collection banner. Harrington also co-owns Batson River Brewing & Distilling, with locations in Biddeford, Kennebunk, Wells and Portland.
The campground is at 277 Mills Road (Route 9) in Kennebunkport.
Currently booking for its tenth season, the 46-plus-acre site, furnished with a heated saltwater pool, offers a range of lodgings from tent and RV sites to more luxurious options. There’s even a Glass House touted for starry nights.
A sample search on the Sandy Pines website shows plenty of availability for the Independence Day weekend. with accommodations for two adults ranging from an average $99 per night for a basic tent site with no electricity to $529 for a safari glamping tent with a three-night minimum stay requirement.
In 2023, when Harrington was honored as a
Mainebiz Business Leader of the Year, he spoke of hiring challenges as well as increasing demand for travelers to Maine and his interest in pursuing more hospitality projects here.
Atlantic Hospitality did not immediately respond to a request for comment about the latest developments about Sandy Pines.
