HISTORIC KINGFIELD, MAINE HOTEL FOR SALE

[Pages:6]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

JOHN DOYON, CCIM 207.772.8300 direct 207.358.7913 direct fax john@

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 Elegant lobby and McGregor's Pub (seats 32, serves light food and spirit menu) Easily accessible downtown location

Kingfield is the gateway to Sugarloaf - New England's Largest Ski & Golf Resort

SALE PRICE: $1,200,000

MALONE COMMERCIAL BROKERS | 5 MOULTON ST, PORTLAND, ME 04101 | 207.772.2422 |

LOCATED IN MAINE'S HIGH PEAKS RPERGOIOPNER| TINYTSRUOMDMUCATRIYON 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 offpiste 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 Mountain, 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 |

THE HERBERT GRAND HOTEL | BUSPINREOSPSEIRNTFYORSMUAMTMIOANRY

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 |

THE HERBERT GRAND HOTEL | PROPPREORPTEYRDTAYTASUMMARY

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

AIR CONDITIONING: Window air conditioning units in each room OIL TANK: Two 350? gallon tanks (exact size not verified) PROPANE: Propane gas is used for the fireplace, clothes dryers and cooking

HOT WATER: Oil fired tanks WATER/SEWER: Municipal

ELECTRICAL: 400 amps (power should be verified by a qualified electrician) SPRINKLER SYSTEM: Yes, wet system throughout entire hotel

FIRE SAFETY: Honeywell Fire-Lite MS 500 central fire alarm WI-FI: Yes

PARKING: 23? unlined parking spaces on south side and rear of hotel, street parking also available

AMENITIES Gas fired fireplace, TV and pool table in the lobby along with McGregor's Pub with 32 seats, one large sofa, two love seats and two wall mounted T.V's, Wi-Fi and a second story porch with terrazzo floor

DINING McGregor's Pub offers light meals and spirits. It is currently open on Friday and Saturday evenings and features as many locally sourced food, beer, wine and coffee products as possible with a philosophy of supporting the local economy while providing quality food and beverages.

HOTEL POLICIES No smoking allowed Pets allowed per house rules at $30 per night per pet

THE HERBERT GRAND HOTEL | FINAPNRCOIAPLESRTY SUMMARY

RENTAL INCOME: Small craft shop leases for $375/month all inclusive ASSESSMENT: Land $ 30,869 Building $308,131 Total $339,000 (Maine assessments do not reflect market value)

PROPERYT TAXES: $5,888.85 (2018/19) FF&E: Property conveys with all suites as currently furnished and outfitted

SALE PRICE: $1,200,000

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

FLAGSTAFF LAKE

DUE DILIGENCE

Buyers assume the responsibility to conduct due diligence to verify brochure details and to gain a further understanding of the building systems. Property details were obtained from an absentee owner and the town which leaves room for incomplete information.

RANGELEY

The Herbert Grand Hotel

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

RANGELEY

KINGFIELD

Lake, and if time allows, a short trip to Rangeley, located on Rangeley Lake, is recommended to visit this charming four season resort town.

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

Sugarloaf area to explore Kingfield, Sugarloaf, Stratton/Eustis and Flagstaff

AREA STATISTICS

RADIUS: Total Residential Population

5 mile 1,213

15 mile 9,489

25 mile 39,451

For more information about this classic historic hotel:

Total Households Average Household Income

Total Businesses Total Employees

559 $53,740

83 627

4,176 $54,049

345 3,299

16,772 $55,078 1,738 17,021

JOHN DOYON, CCIM Broker 207.772.8300 direct 207.450.8003 cell john@

CALL JOHN FOR FINANCIAL & OTHER DETAILS ? U.S. Census Bureau, Census 2010 Summary File 1, Esri forecast for 2017, InfoGroup Inc.

MALONE COMMERCIAL BROKERS | 5 MOULT?ONCSOTN, PFOIDRTELNANTDIA, MLEIT0Y41A01GR| E20E7M.77E2N.2T42R2 E|

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