Maine Hotel Group Buys NH Resort for $13M

JACKSON, NH-An eclectic vacation enclave here in the heart of the White Mountains has been sold to a Bangor, Maine-based operator of hospitality properties. Lafayette Hotels paid $13 million for the Nordic Village Luxury Mountain Getaways to the project’s developer, Robert Cyr of Worcester, MA.

The transaction includes an office building on the east side of Route 16; furnished individual condominiums in the Nordic Village residential section; recreational facilities, such as a pavilion, tennis courts, and three pools; and the Chateau at Highland Ridge, which features a pair of Victorian-style buildings and a total of eight residential units overlooking an outdoor pool and waterfalls.

In business for more than a quarter-century, Lafayette Hotels now owns 25 resorts and franchise hotels in Maine, New Hampshire and Michigan. Broker Earle Wason of Wason Associates in Portsmouth, NH, explains that the seller was looking for an investor who could carry on his vision for the sprawling complex, a goal that Wason says was realized through Lafayette Hotels. That firm, Wason relays, has a “proven track record” of providing quality hotel operations and a high standard of customer service. According to Wason, the opportunity allows Lafayette to broaden its resort offerings, a strategy he says will play well off a concentration of vacation holdings that the group already controls along Maine’s extensive coastline.