The Olympia Cos. to develop new hotel for Colby College

MAP / COURTESY COLBY COLLEGE A four-block section of Waterville is being rejuvenated by Colby College, the town, alumni and other investors. With the addition of retail, office space, residential units, dining options and a hotel, the hope is to transform Main Street into a destination for visitors, residents and new businesses. The first stage calls for the rehab of 173 Main St. (No. 3) 1. Transform the gateway to downtown 2. Convert traffic to two-way, improve streetscape and sidewalk design 3. Increase retail activity/economic development 4. Increase residential density to stimulate economic activity 5. Explore a comprehensive parking strategy 6. Relocate the Farmers Market 7. Bring a hotel to Main Street 8. Integrate the arts 9. Develop programming capacity 10. Connect to the waterfront

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By Staff

The Olympia Cos., a Portland-based hospitality management company, announced it will develop and manage Colby College’s planned 42-room boutique hotel and restaurant in downtown Waterville.

The hotel is owned by Elm City LLC, Colby's development arm, and will be the focal point of Waterville’s downtown revival. Groundbreaking is expected to commence this year. It’s a key part of a master plan for revitalizing downtown Waterville detailed by Mainebiz Senior Writer | Content Specialist Lori Valigra in her Jan. 23 cover story “Colby College's master plan for reshaping downtown Waterville.”

“We are thrilled to partner with Maine-based Olympia Cos., which is known for developing unique hotels with the high level of quality and service that we expect," Brian Clark, vice president of planning for Colby College, said in an announcement. "Having this hotel on Main Street will bring a constant flow of visitors to downtown to engage with merchants and shops. It signals a new vision for Waterville and will be attractive to a wide range of visitors seeking an extraordinary hotel experience.”

Olympia's portfolio

The Olympia Cos. has been nationally recognized for developing and managing such college-owned properties as The Hotel at Oberlin for Oberlin College in Oberlin, Ohio; The Alfond Inn for Rollins College in Winter Park, Fla; and The Inn at Swarthmore for Swarthmore College in Swarthmore, Pa.

Olympia also manages six properties in Maine, including Inn by the Sea in Cape Elizabeth and The Brunswick Hotel & Tavern.

“We’re excited to partner with Colby College and play an active role in the revitalization of downtown Waterville,” said Sara Masterson, vice president of hotel management for The Olympia Companies. “This hotel is not only in our home state but it aligns perfectly with our expertise in developing and managing boutique campus properties that are successfully integrated into the community.”

The company currently has 21 hotel projects under management or development in the United States.