In 2011 Yankee Magazine Readers' Best of New England Choice Survey identified Freeport Maine as the favorite shopping town in all of New England-out of 70+ choices.
Freeport is located along the shores of upper Casco Bay, approximately 20 minutes north of Portland. It is best known for its upscale outlet shopping and as home to the world-famous L.L. Bean stores. Locally owned shops offering Maine-made items can also be found throughout the downtown area. However, Freeport isn’t all about shopping. The historical town is often credited as being the birthplace of the State of Maine. Many of the meetings leading up to the state’s separation from Massachusetts in 1820 took place in Freeport’s Jameson Tavern, which is still in operation today. A good number of the town’s original schools, homes, and churches have been preserved and refurbished, thanks to a very active historical society. The town’s dedication to historic preservation has also ensured that the old blends nicely with the new. Even the local fast food restaurants have a distinctively New England feel. Freeport offers a wide variety of dining options that suit every taste from haute cuisine to some of Maine’s best street food.
If visitors travel a bit off of the beaten path, they’ll be pleasantly surprised at the amount of green space that has been preserved in this bustling town. Wolfe’s Neck Woods is one of several well-maintained parks and sanctuaries ideal for bird watching and hiking along the coast and Bradbury Mountain State Park, with more challenging trails and magnificent views. A short 20 minute drive brings you to Portland, with its Old Port, museums, shops and galleries, theatre and concerts as well as an impressive number and variety of top-notch restaurants.
Driving north there are wonderful coastal islands, lighthouses towering from rocky bluffs, more state parks with sand and rock beaches, views of offshore islands, boat rides, tours, puffin cruises, lighthouse cruises, and more! All these are easy day trips from your base in Freeport, Maine.
With all that Freeport and the surrounding areas have to offer it is interesting to note that there are just over 56 million people living within a 500 mile radius from James Place Inn and about 15 million within a 250 mile radius. All in all, James Place Inn is ideally located for guests and new owners to enjoy a true coastal Maine experience.
location and visibility
There are few things more important to the success of any business than its access and visibility. In the case of James Place Inn, it is superlatively accessible given its Maine’s coastal location. The Inn is easily accessed via the interstate highway system, I-95 and I-295. Freeport is about 2 hours from Boston and is 3 hours south of Bar Harbor. The nearest airport is Portland International Jetport (PWM) which is served by six major commercial airlines. Rental cars are readily available and from there a short drive to Freeport. Visitors may also fly into Boston or Manchester NH. Bus lines travel from Boston’s Logan Airport to Portland. Amtrak DownEaster travels from Boston’s North Station with a stop in Freeport.
Freeport is considered by many the number one tourist destination in Maine, for Maine residents and out-of-state tourists. There are over 3.5 million visitors to the state spending $300,000,000 annually.
Commercial shopping for the business is readily available. The big box stores are all nearby and easily accessible. Maine has a strong farm to table economy. The availability of fresh produce and products are readily available at local stores throughout the year. The many open air farmers markets in the warmer months are plentiful and a great source for innkeepers featuring local foods. Laughing Stock Farm in Freeport offers fresh vegetables year round. The major food and supply delivery companies also deliver regularly to the area.
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, bed and breakfasts and rental cottages to a few larger motels and hotels. James Place Inn is one of 8 B&Bs in Freeport, and enjoys in the #1 position on Tripadvisor (and has for some time).
With Freeport being one of the most popular destination locations in Maine and the country there are a variety of lodging properties to choose from. Besides the larger hotel chains and Inns the bed and breakfasts are also represented. James Place Inn has established itself over the years as a good choice for travelers seeking a quality Maine bed and breakfast experience. It is at the top for tourists seeking a quality bed and breakfast lodging choice in a prime coastal Maine destination. Under new ownership the Inn is well positioned to establish as a strong lodging force in a dominant location.
When looking at any business, determining market potential is at times an exercise in creative imagination. A study of the revenue trends at James Place Inn demonstrates it has enjoyed a steady and profitable business under current ownership.
It is a well-established operation but one that can continue to grow under new stewardship and in the right hands. A review of the marketing indicates that ongoing aggressive marketing initiatives could continue to drive up occupancy and ADR...all contributing to an even healthier bottom line for new ownership. Judicious rate increases over time will also help grow future business.
Current owners recognize there are opportunities for continued growth and profitability of the business, but now it is time for new owners to infuse this gracious property with their own plans and take over this lovely and inviting property.
With a continued disciplined approach to the business, judicious expenditures for controlled expenses and continued marketing, James Place Inn can generate a comfortable ROI with a wonderful business and lifestyle for new owners.
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 1.25 to 1.3. With the appropriate down payment, the numbers work.
Additional Sources of Information
The inn's website
The broker's listing info
Link to additional property photos
Maine Tourism Association
Maine Innkeepers Association
Other Documents Available
- Supporting Financial Statements
- Inventory of Personal Property
- Seller’s Property Disclosures
- Improvements List
- Advertising List
- Additional Photos of Owner’s Quarters
James Place Inn is offered at $1,195,000 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 firstname.lastname@example.org www.danamoos.com www.bbteam.com