EDGARTOWN, Mass., April 8, 2010 - The Colonial Inn of Martha's Vineyard, a 34-room boutique hotel, condominium and retail complex on North Water Street, Edgartown, recently announced that it is under new ownership.

Martha's Vineyard Colonial Inn, LLC, purchased the historic Martha's Vineyard hotel, and complex in November at a foreclosure auction and closed on the property in December. The new ownership group had previously been members of ULF Edgartown, LLC, which had owned and operated the complex since 1999.

C.J. Rivard, a 17 year Edgartown resident and General Manager of the Colonial Inn since 2001, will continue to operate the complex for the new organization.

"The new ownership marks the start of an exciting next chapter in the history of the Colonial Inn," Rivard said. "We're committed to continuing to operate and expand the Inn as a premier Martha's Vineyard hotel destination, offering exceptional service, and lodging at a great value.  I am pleased that our new owners recognize the value of local knowledge as well as friendly and consistent service, and are leaving our existing team of Martha's Vineyard hospitality professionals in place."

The new ownership group is also honoring all existing contracts with the complex's tenants, which include BlueFish boutique, Chescas restaurant, Cutting Crew Salon & Spa, and Eisenhauer Art Gallery.  These businesses are not impacted by the change and will continue to operate as before.

In the last decade, the Colonial Inn of Martha's Vineyard has undergone several upgrades.  The most significant of which was the establishment of the beautifully appointed Edgartown Residence Club, an intimate collection of one- and two-bedroom luxury suites available for purchase as fractional ownership or for individual rentals. The new ownership group will aggressively market the sale of the remaining fractional shares at the Edgartown Residence Club, and continue to operate the Colonial Inn seasonally as an affordable, Martha's Vineyard inn.

About Colonial Inn of Martha's Vineyard
The Colonial Inn of Martha's Vineyard has been a popular hotel retreat for Martha's Vineyard vacations since 1911. Overlooking the harbor and nestled in the heart of Edgartown's historic waterfront district, the Inn provides the sophisticated comfort and amenities of a full-service hotel, while maintaining the intimate atmosphere and personalized service of a small bed and breakfast. The Inn is known for its warm hospitality, unmatched location and great value.  For more information, visit www.colonialinnmvy.com, or call 1-800-627-4701 for reservations.