Charming Cottages Near Acadia National Park and a Strong Business. CHECK OUT THE NUMBERS!

Open Hearth Inn and Cottages sits at the ‘gateway’ to Acadia National Park, in Trenton, Maine, just steps from the popular  Trenton Bridge Lobster. 

Tom and Anne Rau purchased this as a pre-retirement plan. The couple are a perfect balance between warm hospitality and Mr. Handyman Fix-it-all. Their efforts, with not just Anne’s hospitality, but her decorative touches, keeping the guest in mind and Tom’s continuous efforts to update the cottages and rooms are quite evident in the growing success of their business. And let me not forget to mention the muffins. The homemade muffin offering there is a long standing tradition that not many cottage colony properties or motels offer. 17 units total, with 3 inn-style suites, 4 lodge rooms, 2 fully equipped apartments and 8 adorable cottages. Guests enjoy parking next to their units, picnic tables, chairs and rates that are easy on the wallet and allow guests to spend their money in the park, at dinner or activities.

The numbers.
Since Tom and Anne purchased in 2015 to 2018, they have increased the revenue considerably. Let’s look at the stats.

STATS
11.32% increase from 2014 to 2015
20.22% increase from 2015 to 2016
4.38% increase from 2016 to 2017
6.72% increase from 2017 to 2018
33.92% increase since 2015 when they purchased
49.09% increase based on 2018 since 2014
41.99% increase based on 2019 over 2015
58.06% increase based on 2019 over 2014

And they’ve taken the ADR (average daily rate) up from $80/night to $110, but without dropping occupancy AT ALL which is a solid indicator that there’s still room to increase rates. Tom and Anne  will leave that up to new owners, to give them continued opportunity. And based on the asking price, we are looking at a 10% cap on 2018 and likely 11.5% based on 2019. Strong business!

 

And check out the list of improvements:

2015

• New septic system installed and resized for correct number of rooms. 

• Deck supports (lodge building) revamped added and made safe

• Corner on lodge building repaired (former owners)

• Added 2 Orkin yearly contracts, for pest/bed bugs preventative

• Decking replace on Lodge deck completely (in fall)

• Side rail added to spa (required by state)

• Roof repaired and replaced over suites (partial)

• Repaired, simplified, made safe electrical for signs

• Replaced lamp post and lights at entrances x 3

• Roof replacement over office and owners quarters

• Lodge A&B bathroom fans replaced

• Added Little Hotelier after the end of the season

• Replaced skylight in spa room

2016

• New gravel to driveway, rocks added around well, driveway patched where they put in new well

• Patio sliding door put in owners quarters

• Apt B new flooring and subfloor

• New BBQ grill for guest deck

• New well pump, and tank and plumbed garage

• Cottage 6,7, and 8 new roofs 

• Wiring corrected over suites

• 18 sets of windows re-glazed and panes replaced

• TVs replaced in cottages (larger) and suites

• TVs hung in Lodge rooms and upgraded 32 inch as needed

• Cottage 4,5 doors replaced

• Sewer line repaired and replaced cottage 1 and 2

• New ozone generator for spa

• New wall heaters for 8 and 9

• Oil tank replaced in main house

• New flooring and ceiling in cottage 8, wiring corrected

• Suite 3 new sink, fan, toilet and flooring

• Furniture for set up of Suite 1 for exchange students

• Through wall A/C replaced lodge D

• Heat pump installed owners quarters

• Heat pump installed Apt B

• Ceilings repaired Suite 2, 3,4 and Suite 1

• Lodge Roof replaced

• New fence added behind owners quarters

• New dryer and added to have 3 for business

• New electric fireplace insert added to APT B

• 4 new bathtub/shower faucets (anti scald) Lodge A,B,C,D

2017

• Massive professional landscaping, lawn reseeded and grub control

• Remainder of Cottages re roofed 1,2,3,4,5, and 9

• New glass shower doors suite 2

• New shower natural stone tile suite two

• Septic float switch replaced (behind lodge)

• Both decks cleaned, and water sealed

• Painted inside railing of main deck

• Heavy duty pressure switch added on garage pump

• Removed front awning

• 12 new mattress sets for replacements in rooms

• Added Booking.com

• Added 3 and replaced 1 picnic tables

• New fridge, dishwasher, and microwave owners kitchen

• Switched to Irving from Acadia fuel added annual boiler maintenance plans

2018

• New septic pump behind lodge (now all new)

• New mattress for 2 pullouts, cottage 7 and cottage 5

• New light for office entrance and APT A

• New light post front walk

• New flooring Lodge D

• Painted and repaired Suite 2 Bathroom, Bedroom walls

• Painted and repaired Apt B Bathroom, Bedroom walls

• Replaced Door to Apt B

• Replaced both washers and added pedestals/5 year service

• Repaired Apt B exterior walls (partially done)

• Painted front of main building soffit

• New screens for Apt B

• Spectrum rewired entire property for digital tv service

• Painted railing on inside Lodge building

• Painted stairs on Lodge A/B side

• Painted railing outside main deck

• Removed 6 trees, replaced with cedars in front

• Replaced Door to Apt A

• Replaced last old dryer (both washer and 3 dryers all replaced)

• Replaced dehumidifier in Basement of main house

• Replaced remaining mattresses and box springs except for 2 kings all been replaced

• Re-wired under APT B and put in boxes and made safe

THIS IS TURNKEY!

Check out the listing on my website for more details and contact me if you want to discuss further.