BAR HARBOR — Three name-brand hotels have been sold to a hotel management company with an expanding portfolio in New England.
Witham Family Hotels sold two of its Bar Harbor hotels – the Quality Inn and Best Western – and its Ramada in Ellsworth to Giri Properties last month, said CEO David Witham.
“The hospitality industry is starting to rebound after COVID,” he said. “It’s an opportunistic time to both buy and sell.”
These three properties are what the industry calls “flag” hotels, complete with the recognizable brand name and a certain way to run things. Giri appears to specialize in such hotels, owning Holiday Inns, Hampton Inns, other Best Westerns, Comfort Inns, Howard Johnsons and other hotels spanning four states in the region.
The company is based in Quincy, Mass., and lists more than 40 hotels in New England, about half of which are in Maine.
Witham said he regularly gets approached about these properties and he had previously always said no, but the timing now seems to make sense. He also owns six other hotels in Bar Harbor and offloading these flag properties would allow him to focus on the independent ones.
Witham’s other hotels in town are the Bar Harbor Inn, Bar Harbor Grand Hotel, Villager Motel, Atlantic Oceanside, Acadia Inn and Bar Harbor Motel.
“It’s just going to allow us to really focus on those and do what we do best,” Witham said.
Witham owned the three now-sold properties for about 10 years. The package deal with Giri also included a fourth property in Saco, the sale of which is expected to go through later this year.
Witham declined to say how much they sold for, but Giri took out a combined $14 million in mortgages for the three locations, according to records from the Hancock County Registry of Deeds.
Giri did not immediately respond to a request for comment this week.