Castlemaine Inn In Bar Harbor, maine

The inn was built in 1886 by George Newman. It then became the summer residence of the Austro-Hungarian ambassador and his wife, the Baron and Baroness Hengelmueler. The Washington heat was too much for the ambassador and his wife, so they summered in Bar Harbor for its cool ocean breezes and lively social life.

Historical photo of the inn from When Bar Harbor was Eden ,used with permission of author, Loretta M. Turner.

Striking architectural details and antique furnishings honor the history of this Bar Harbor landmark. The residence was converted to a B&B in 1981 and was purchased by its present owners in 2007.

Bar Harbor is a small village with a big attitude, and rightfully so. Its waterfront location provides kayaking, nature cruises and harbor watching. Restaurants are superb, shopping eclectic and first class. There are bike rentals, sightseeing tours, rock climbing adventures and leisurely carriage rides. Acadia National Park has miles of trails, ranger-led programs, and the pristine Sand Beach. Galleries and museums are great introductions to the area’s rich art, history and culture. Natural beauty, fascinating history, and all the creature comforts—there is a lot to do in Bar Harbor.​

Taken from high above Castlemaine Inn

Property Highlights

  • Built in 1886
  • 17 guest rooms, most with wood burning fireplaces​, all with private baths, several with oversized whirlpool tubs, many with private balconies
  • guest parlor with fireplace
  • sunny breakfast room
  • spacious wrap around porches
  • guest butler's pantry with coffee service
  • A wonderful covered entryway is a nice amenity for guests to unload luggage in inclement weather
  • Fully sprinklered
  • Wonderful village location
  • Zoned "F - Downtown Residential"
  • Open seasonally May - October

​Financially viable property - 10% cap rate. Financial details provided with signed non-disclosure agreement for qualified buyers.

In town. Leave your car. Enjoy.

The inn offers a superior level of service and hospitality, as well as warmth and personal attention. Rooms are quite large, some with Whirlpool baths, Wi-Fi in all rooms, many have balconies, all have air-conditioning, cable television—the Inn’s ten rooms and seven suites offer space, luxury, and all the modern conveniences to enhance their guest's stay.

Castlemaine Inn on Holland Avenue

The Inn offers:

  • Hot breakfast
  • Private off-street parking
  • Common room with area information, games
  • Movie library
  • Coffee and tea
  • Long, chair-lined verandah
  • Complimentary Wi-F
  • There's a guest computer and printer in the parlor to keep in touch with family and friends, check emails, check the weather, or print airline boarding passes.

​All rooms are equipped with:

  • Private bathrooms
  • Air-conditioning
  • Cable TV, DVD player/VCR
  • Wireless internet
  • Hairdryer, iron, ironing board
  • Mini refrigerator (except Slipper Room)

Let's Go Inside

A welcoming entry
A sunny breakfast room

Let's Walk Around

Property Facts

  • Owner: Daigle Enterprises LLC – Daniel and Diana Daigle 39 Holland Avenue, Bar Harbor, ME 04609
  • Address: Bar Harbor, Maine, Hancock County, Registry of Deeds Book 4752, Page 216
  • Land: .38 acres and all improvements thereon
  • Zoning: F - Downtown Residential
  • Designated Use: B&B/Hotel
  • Construction: wood frame with clapboard and vinyl siding
  • Roof: composition shingle
  • HVAC: Oil fired boiler, hot water baseboard heat, AC window units
  • Hot water: off heating system throughout
  • Flooring: hardwood, carpet, tile, vinyl
  • Water/Sewer: Public
  • Paved driveway/parking lot
  • Taxes: $14,497

History of Bar Harbor

The town of Bar Harbor was founded on the northeast shore of Mount Desert Island, which the Wabanaki Indians knew as Pemetic, meaning "range of mountains" or "mountains seen at a distance." The Wabanaki seasonally fished, hunted and gathered berries, clams, and other shellfish in the area. They spoke of Bar Harbor as Man-es-ayd'ik ("clam-gathering place") or Ah-bays'auk ("clambake place"), leaving great piles of shells as evidence of this abundance. In early September 1604, French explorer Samuel de Champlain ran aground on a rock ledge believed to be just off Otter Cliffs, and when he came ashore to repair his boat he met local natives. Champlain named the island Isles des Monts Deserts, meaning "island of barren mountains"—now called Mount Desert Island, the largest in Maine.

First settled by Europeans in 1763 by Israel Higgins and John Thomas, the community was incorporated on February 23, 1796 as Eden, after Sir Richard Eden, an English statesman. Early industries included fishing, lumbering and shipbuilding. With the best soil on Mount Desert Island, it also developed agriculture. In the 1840s, its rugged maritime scenery attracted various artists. Inspired by their paintings, journalists, sportsmen and "rusticators" followed. Agamont House, the first hotel in Eden, was established in 1855 by Tobias Roberts. Birch Point, the first summer estate, was built in 1868 by Alpheus Hardy.

By 1880, there were 30 hotels, with tourists arriving by train and ferry to the Gilded Age resort that would rival Newport, Rhode Island. The rich and famous tried to outdo each other with entertaining and estates, often hiring landscape gardener and landscape architect Beatrix Farrand, a resident at local Reef Point Estate, to design their gardens. A glimpse of their lifestyles was available from the Shore Path, a walkway skirting waterfront lawns. Yachting, garden parties at the Pot & Kettle Club, and carriage rides up Cadillac Mountain were popular diversions. Others enjoyed horse-racing at Robin Hood Park-Morrell Park. President William Howard Taftplayed golf in 1910 at the Kebo Valley Golf Club. On March 3, 1918, Eden was renamed Bar Harbor, after the sand and gravel bar, visible at low tide, which leads across to Bar Island and forms the rear of the harbor. The name would become synonymous with elite wealth. It was the birthplace of vice-president Nelson Rockefeller on July 8, 1908.

In mid-October 1947, Maine experienced a severe drought. Sparks at a cranberry bog near Town Hill ignited a wildfire that would intensify over 10 days, and not be declared out until mid-November. Nearly half the eastern side of Mount Desert Island burned, including 67 palatial summer houses on Millionaires' Row. Five historic grand hotels and 170 permanent homes were destroyed. Over 10,000 acres (40 km²) of Acadia National Park were destroyed. Fortunately, the town's business district was spared, including Mount Desert Street, where several former summer homes within a historic district listed on the National Register of Historic Places operate as inns.

Now, Bar Harbor is a destination for tourists from all over the world. Cruise ships are in the harbor from May through October (most often in September), with more than 130 ships visit! Bar Harbor also hosts many long-distance cyclists, as it is the eastern terminus of the Adventure Cycling Association's Northern Tier Bicycle Route (which ends in Anacortes, Washington), and the northern terminus of its Atlantic Coast Bicycle Route (which ends in Key West, Florida).

One of the many beautiful carriage road bridges that grace Acadia National Park and were built by Rockefeller

Area location, Access and Visibility

Beautiful salmon colored granite
Mount Desert Island, Acadia National Park

Market Position and Competition

Tourism is the number one industry in the state so the lodging choices in this area are wide-ranging, from small inns and bed and breakfasts to a few larger motels and hotels. Castlemaine is one of about 30 bed and breakfasts of various sizes in town and there are about 40 hotels/motels. But there are clear differences between B&B guests and hotel guests. And often the hotel or motel guest, if given enough privacy and anonymity can easily be convinced to stay at a bed and breakfast when they see the value in what they're getting.

Castlemaine receives very nice reviews on Tripadvisor and is competitive with their rates. They offer rooms priced from $140 to $315 depending on the season (low, shoulder and high)

Market Potential

When looking at any business, determining market potential is at times an exercise in creative imagination. A study of the revenue patterns for the past few years at Castlemaine demonstrates that it has enjoyed a steady increase in business, despite a dip in the economy and tourism some years back. There was a great increase when they implemented OTAs (online travel agencies). While the inn has grown the income, there remains future potential for new innkeepers.

With a continued disciplined approach to the business, judicious expenditures for controlled expenses and continued marketing, Castlemaine is positioned to generate a very comfortable ROI with a wonderful business and lifestyle for new owners.

Investment Considerations

The process for assessing and valuing the business is multi-layered. The first step is to look at an actual profit and loss statement.

The second step is to consider fixed and variable costs. How can you manage things more affordably? How will you increase revenue without increasing expenses? What can you do more efficiently? Can you market more aggressively? Based on your cash down, how will your net operating income work for you?

The most important part of the investment analysis is the debt coverage ratio. This is important in assessing whether a lender would consider the cash flow to be adequate to support a loan. They are generally looking for a number of at least 1.20 to 1.28. With the appropriate down payment for commercial lending, the numbers do work at xxxxx.

Additional Sources of Information

Other Documents Available

  • Deed
  • Supporting Financial Statements
  • Inventory of Personal Property
  • Seller’s Property Disclosures Improvements List

Castlemaine Inn is offered at $2,395,000 and is proudly brought to you by

Inn Brokers and Consultants Since 1993

Dana Moos, Lodging, Inn/Bed and Breakfast and Motel Broker

Lafayette Center - 2 Storer Street, Suite 404, Kennebunk, ME 04043

iPhone 207.266.5604 efax 207.669.8326 dana@danamoos.com www.danamoos.com www.bbteam.com

Innkeeping: a home, a job, an investment and a lifestyle

Broker/Consultant Disclaimer

The B&B Team® and its representatives believe that the information contained herein is accurate and has been obtained from sources it believes reliable, including the owners of the property and business, but it has not been independently verified, is not guaranteed and is submitted subject to errors, omissions, change of price, prior sale, or withdrawal without notice. There may be additional information available to a purchaser from other sources. Purchasers should exercise whatever due diligence they feel is necessary and should not rely upon the information contained herein. Neither The B&B Team nor its representatives warrant the suitability of the property for any particular purpose and do not assure the success of any future or contemplated business venture. If you have received this from anyone other than The B&B Team or someone authorized by The B&B Team, its use is strictly prohibited.

Non-Disclosure of Material

This buyer’s offering report contains information of a sensitive nature. The owners of the property and business herein described do not want this information shared with anyone other than your legal and tax advisors; therefore, this information is released on the understanding that it will not be reproduced or disseminated without written permission of the Broker or Consultant and only after agreeing, in writing, to maintain the confidentiality of the information.

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