The University of Maine – UMaine Hotel
In 2020, The University of Maine solicited a partner for the adaptive reuse of Coburn and Holmes Halls, two 1880s vintage historic buildings in the core of their main campus in Orono. Their goal was not only to preserve two historic assets utilizing private dollars but to monetize underutilized resources and expand campus amenities.
Through a public-private partnership, Radnor is repositioning these buildings which have been vacant for over a decade with a historic rehabilitation and new construction expansion. The development will create a 95-key independent hotel co-branded with the University and include traditional guest rooms along with extended stay suites. Amenities include a bistro, meeting facilities and fitness center. The hotel will also serve as a cooperative workforce training ground for the University’s degree seeking and affiliated vocational students.
Radnor formed a joint venture with Harrison Street to fund the project with 100% equity in Summer 2022. The project utilized tax credits, including Federal and State Historic Tax Credits, which will reduce project costs by nearly 20%. The project is structured as a long-term Ground Lease and Cooperation & Services Agreement. In addition to its ownership interest, Radnor is responsible for designing, building, financing, operating and maintaining the facility. The project is scheduled to open in Spring 2024.