The transaction includes an office building on the east side ofRoute 16; furnished individual condominiums in the Nordic Villageresidential 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 ofeight residential units overlooking an outdoor pool andwaterfalls.

In business for more than a quarter-century, Lafayette Hotelsnow owns 25 resorts and franchise hotels in Maine, New Hampshireand Michigan. Broker Earle Wason of Wason Associates in Portsmouth,NH, explains that the seller was looking for an investor who couldcarry on his vision for the sprawling complex, a goal that Wasonsays was realized through Lafayette Hotels. That firm, Wasonrelays, has a "proven track record" of providing quality hoteloperations and a high standard of customer service. According toWason, the opportunity allows Lafayette to broaden its resortofferings, a strategy he says will play well off a concentration ofvacation holdings that the group already controls along Maine'sextensive coastline.

"There are obviously economies of scale in operating multipleresorts, as well as cross-marketing opportunities," says Wason,adding that it also allows the firm to offer more competitive wagesand benefits for employees in a tight job market. Besides the BlueNose Inn in Bar Harbor, other Maine-owned inns in the Lafayetteportfolio include the Tugboat Inn in Boothbay Harbor, theOceanfront Resort in Wells; and in Ogunquit, the Norseman Resort,Ogunquit Seacastles Resort and the Seacoaster Resort and Spa. Ownedby Carla and Danny Lafayette, the hospitality company also has apresence in Portsmouth, NH, where it manages the Anchorage Inn nearthe Maine border.