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W W W. M A I N E B I Z . B I Z 21 M AY 1 , 2 0 2 3 F O C U S H O S P I TA L I T Y / T O U R I S M "Skowhegan and central Maine are underserved by boutique hotels," says Davidson. Orono campus hotel Two of the oldest buildings on the University of Maine campus in Orono are undergoing a $28 million transfor- mation to become an 95-room boutique hotel, thanks to a public-private partner- ship by the university, Chicago invest- ment management firm Harrison Street and Philadelphia real estate development company Radnor Property Group. Built in 1888, Coburn Hall and Holmes Hall have been vacant for over a decade. e buildings together offer 33,000 square feet of space. Located at the center of campus, the rehabilitation will provide UMaine with a hospitality offering to support UMaine's student recruitment, alumni outreach, athletic and community col- laboration needs. A groundbreaking was held last October. e project, estimated to cost $28 million, is expected to open next spring. Branding is still underway. A major financing component is federal and state of Maine historic tax credits, with private investment from Radnor Property Group and Harrison Street. UMaine is approved to invest up to $3 million based on final project costs. UMaine drives markets such as athletics, entertainment, academics and research; Bangor is a cornerstone of central Maine commerce. e hotel is considered an opportunity to serve both markets. "e lodging market and industry has prospered in both Maine and this region over the last two years," says a joint UMaine and Radnor statement. "As a strong 'drive-to' marketplace, most of the recent travel has been domestic. e return of students and large gatherings has also energized the area with university athletics and the strength of the Waterfront Concerts series, for example." Laurie Schreiber, Mainebiz senior writer, can be reached at lschreiber @ mainebiz.biz Do you know a woman business owner, CEO, president, and top executive with an established track record of success? A woman who has been a trailblazer and a mentor to others. NOMINATE THEM BE FORE JUNE 26! MAINEBIZ .BIZ/ W T W23 S PONS OR ED BY Nominate a top-notch woman executive before June 26! FOLLOW U S @M AI NEBI Z #MBWTW23 Stephen Coston and his business partners are building a year-round hotel in downtown Bar Harbor – a reflection of the area's market potential. Two of the oldest buildings at the University of Maine/Orono are undergoing a $28 million transformation to become a 95-room boutique hotel. R E N D E R I N G / C O U R T E S Y O F R A D N O R P RO P E R T Y G RO U P We have the right balance in a lot of ways that most places don't. — Stephen Coston Bar Harbor hotelier P H O T O / L A U R I E S C H R E I B E R

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