THE HERBERT GRAND HOTEL Beautiful Turn-of-the-Century Hotel on the National Registry of Historic Places IN THE HEART OF MAINE’S NORTHERN SKIING AND GOLFING VACATION REGION HISTORIC KINGFIELD, MAINE HOTEL FOR SALE Featured in several publications, including Ski Magazine, Men’s Journal, and the Boston Globe to name a few, this hotel is known for its turn-of-the-century style Turnkey opportunity with all FF&E included in sale 26 guest rooms and one owner’s triple-room suite, one retail space Dedicated room with ski lockers and bike rack, lounge with fireplace, TV and pool table JOHN DOYON, CCIM Elegant lobby and McGregor’s Pub (seats 32, serves light food and spirit menu) 207.772.8300 direct Easily accessible downtown location 207.358.7913 direct fax Kingfield is the gateway to Sugarloaf - New England’s Largest Ski & Golf Resort [email protected] SALE PRICE: $1,200,000 MALONE COMMERCIAL BROKERS | 5 MOULTON ST, PORTLAND, ME 04101 | 207.772.2422 | MALONECB.COM LOCATED IN MAINE’S HIGH PEAKS REGIONPROPERTY | INTRODUCTION SUMMARY TO THE AREA The Herbert Grand Hotel is located in the historic town of Kingfield, Maine which serves as the gateway to the Sugarloaf Mountain ski resort. The hotel known for its turn of the century style has been featured in several publications including Ski Magazine (“10 Most Charming and Cheap Places to Stay”), Men’s Journal (“25 Dream Towns”), New York Times (travel section), Boston Globe, Downeast Magazine as well as on the NBC affiliate, Channel Six in Portland. Sugarloaf, just 15 miles to the west, is widely considered to be one of the east’s most professional and challenging mountains and has the only above tree-line terrain in the east. It is now also the largest ski resort east of the Rocky Mountains with over 1,240 acres of terrain for both on and off- piste skiing as well as skiing in Sugarloaf’s famed snowfields and backside terrain. The area is known as Maine’s High Peaks Region with several of the state’s highest, 4,000+ foot mountains which include Sugarloaf (Maine second highest), the 12+/- mile long Bigelow Range, Crocker Moun- tain, Mount Abram and Mount Redington. From the top of Sugarloaf, one has distant views of Mount Katahdin (Maine’s highest peak), Saddleback Mountain, The Sunday River ski resort and Mount Washington in New Hampshire (the highest peak in New England at over 6,000 feet). This natural and beautiful area also affords other outside activities including golfing at one of New England’s top rated courses at Sugarloaf, cross-country skiing on groomed trails, snowshoeing, snowmobiling and ATV’ing along with fishing, rafting, canoeing and kayaking. The Northern Forest Canoe Trail starts at the south branch of the Dead River and there are town maintained mountain bike trails as well as the Narrow Gauge Pathway on land owned by Carrabassett Valley and the Penobscot Indian Nation. MALONE COMMERCIAL BROKERS | 5 MOULTON ST, PORTLAND, ME 04101 | 207.772.2422 | MALONECB.COM THE HERBERT GRAND HOTEL | BUSINESSPROPERTY INFORMATION SUMMARY The Herbert Grand Hotel was completed in 1918 by Herbert Wing who was a local attorney, state legislator as well as the owner of the local bank and lumber mill. It is a 26 room inn along with an owner’s suite. It features an elegant lobby and the newly constructed McGregor’s Pub with a light food and spirit menu that attracts both locals and visitors. The hotel was initially a rendezvous location for Maine politicians during the Prohibition Era. The early years were marked by some alleged debauchery. Wing sold the hotel in 1956 to Mr. and Mrs. Alvin Westman and he passed away shortly thereafter. Herbert Wing’s son, Earl Wing, took over his father’s bank and reportedly proceeded to execute a series of sales and foreclosures against several owners all of whom borrowed from the family owned bank and under perhaps bank favorable terms. Some of the hotel’s questionable history continued off and on until 1981 when Bud Dick purchased and restored the hotel running it until about 1998 when he fell ill. The hotel sold again to seasoned operators from Kennebunkport who ran the hotel until it was most recently purchased by Rob and Nerisha Gregor, attorneys and hotel owners from New York. Rob’s mother, Dawn, took on the role of manager shortly after the closing and continues to provide quality management to this day. A rubber membrane roof was installed in 2001 (roof composition not verified). The Gregor’s improved all 27 rooms/suites and bathrooms and also constructed the attractive McGregor’s bar and lounge with 39± seats. In 2018, the hotel was placed on the National Registry of Historic Places. The Herbert Grand Hotel is the Gregor family’s pride and joy which they are reluctantly selling. OWNER: Herbert Grand Hotel, LLC ADDRESS: 246 Main Street, Kingfield, Maine DEED: Franklin County Book 3144 Page 6 ASSESSOR: Map 15 Lot 58 LAND: 0.61± AC BUILDING SIZE: 14,835± SF on three floors 909± SF double car garage 4,945± SF basement used for laundry, storage and systems ZONING: Village Center Growth MALONE COMMERCIAL BROKERS | 5 MOULTON ST, PORTLAND, ME 04101 | 207.772.2422 | MALONECB.COM THE HERBERT GRAND HOTEL | PROPERTYPROPERTY DATA SUMMARY CONSTRUCTION: Wood-frame - construction began in 1917 and was completed in 1918 GUEST BEDROOMS: 26 - all with private baths OWNERS’ SUITE One approximate triple room suite OFFICE: Two room office area GUEST STORAGE: Dedicated room with ski lockers and bike rack ROOF: Rubber membrane roof installed in 2001 EXTERIOR: Clapboards GARAGE: Two car garage with two 8’ doors for the owner’s use FOUNDATION: Full CEILING HEIGHT: Most rooms have 9’± ceilings FLOORS: Hardwood, terrazzo and carpet over wood LIGHTS: Portable lights placed on night stands and bureaus in guest rooms HEAT: Two Weil McLean oil fired boilers with Carlin burners with one unit serving as a back-up; oil-fired steam heat AMENITIES AIR CONDITIONING: Window air conditioning units in each room Gas fired fireplace, TV and pool table in the lobby along with McGregor’s Pub with 32 seats, one large sofa, two love seats OIL TANK: Two 350± gallon tanks (exact size not verified) and two wall mounted T.V’s, Wi-Fi and a second story porch PROPANE: Propane gas is used for the fireplace, clothes dryers and cooking with terrazzo floor HOT WATER: Oil fired tanks DINING WATER/SEWER: Municipal McGregor’s Pub offers light meals and spirits. It is currently ELECTRICAL: 400 amps (power should be verified by a qualified electrician) open on Friday and Saturday evenings and features as many locally sourced food, beer, wine and coffee products as SPRINKLER SYSTEM: Yes, wet system throughout entire hotel possible with a philosophy of supporting the local economy while providing quality food and beverages. FIRE SAFETY: Honeywell Fire-Lite MS 500 central fire alarm WI-FI: Yes HOTEL POLICIES PARKING: 23± unlined parking spaces on south side and rear of hotel, street No smoking allowed parking also available Pets allowed per house rules at $30 per night per pet THE HERBERT GRAND HOTEL | FINANCIALSPROPERTY SUMMARY RENTAL INCOME: Small craft shop leases for $375/month all inclusive DUE DILIGENCE Buyers assume the responsibility to conduct due diligence to verify ASSESSMENT: Land $ 30,869 brochure details and to gain a further understanding of the building Building $308,131 systems. Property details were obtained from an absentee owner Total $339,000 (Maine assessments do not reflect market value) and the town which leaves room for incomplete information. PROPERYT TAXES: $5,888.85 (2018/19) FF&E: Property conveys with all suites as currently furnished and outfitted SALE PRICE: $1,200,000 FLAGSTAFF LAKE Walking distance to: The Stanley Museum One Stanley Avenue Restaurant The Inn on Winter’s Hill Kingfield Health Center 15± miles to Sugarloaf Ski Resort & Golf Course 25± miles to University of ME Farmington 50± miles to the Canadian Border 120± miles to Portland Int’l Jetport 200± miles to Boston The Herbert Grand Hotel RANGELEY This document has been prepared by Malone Commercial Brokers for advertising and general information only. Malone Commercial Brokers makes no guarantees, representations or warranties of any kind, expressed or implied, regarding, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Malone Commercial Brokers excludes unequivocally all informed or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages there from. All data is subject to change of price, error, omissions, other conditions or withdrawal without notice. Malone Commercial Brokers is acting as the Seller’s/Lessor’s agent in the marketing of this property. 9.24.18 EXCLUSIVE OPPORTUNITY - THE HERBERT GRAND HOTEL FOR SALE | CLASSIC HISTORIC INN AND BUSINESS FLAGSTAFF LAKE Ski Magazine described Kingfield as “the most beautifully preserved ski town east of Aspen,” referring to our close proximity to the Sugarloaf Ski Resort and Golf Course. Potential buyers should plan a two-day or more stay in the RANGELEY KINGFIELD Sugarloaf area to explore Kingfield, Sugar- loaf, Stratton/Eustis and Flagstaff Lake, and if time allows, a short trip to Rangeley, located on Rangeley Lake, is recommended to visit this charming four season resort town. AREA STATISTICS RADIUS: 5 mile 15 mile 25 mile For more information about this classic historic hotel: Total Residential Population 1,213 9,489 39,451 Total Households 559 4,176 16,772 JOHN DOYON, CCIM Broker Average Household Income $53,740 $54,049 $55,078 207.772.8300 direct Total Businesses 83 345 1,738 207.450.8003 cell [email protected] Total Employees 627 3,299 17,021 U.S.