Harrison Street and Radnor to convert historic buildings at UMaine to boutique on-campus hotel
Harrison Street has formed a joint venture with real estate development company Radnor Property Group to rehabilitate two historic buildings, centrally located on the University of Maine’s flagship Orono, Maine, campus, into a boutique on-campus hotel.
The joint venture, which is structured as a public-private partnership agreement, is the first P3 for the UMaine System and is fully contracted through a coterminous 99-year ground lease.
Coburn Hall and Holmes Hall, which were built in 1888 and have been nonoperational for the past 15 years, will be converted into a boutique on-campus hotel located on the University Mall at the center of campus. The hotel will have 95 hotel rooms and suites as well as a bistro cafe. Harrison Street said the buildings are certified historic structures, and the redevelopment plan will meet the National Park Service standards for rehabilitation.
The property will be operated by Olympia Hotel Management, which specializes in campus