The Samoset, one of New England's premier coastal resorts, is an all-season destination resort located on nearly 220 acres overlooking Penobscot Bay and the Atlantic Ocean, near the picturesque towns of Rockport, Camden and Rockland.  Managing directors David M. McElroy and James F. O'Connell of Insignia/ESG Hotel Partners' Boston office represented the seller in this transaction.

Samoset Resort includes a first-class, full-service, 150-unit hotel; the two-bedroom Flume Cottage, a stand-alone unit located on a cliff overlooking the ocean; Marcel's, Breakwater Cafe and Breakwater Patio food and beverage outlets; conference facilities totaling over 22,000 square feet; fully equipped indoor and outdoor recreation facilities; and an 18-hole championship golf course, clubhouse with pro shop and Clubhouse Grille.  Samoset Timeshare Estates is comprised of 72 units in three buildings; the units have been sold out since 1989.  Samoset Village consists of 37 condominium units with ocean views.

This irreplaceable asset combines the appeal of an historic property with a full complement of state-of-the-art guest amenities expected of an upscale destination resort.  The Samoset's outstanding facilities have been awarded by several organizations and publications, including Golf Digest, Resort Condominiums International, Wine Spectator, Better Homes & Gardens, Golf for Women, Meetings & Conventions, Corporate Meetings & Incentives and Successful Meetings.  Recently, golf hole Number 4 was ranked 7th most beautiful in the country by Golf Digest.

The new owners began their family-run hotel company in Miami and have grown it into one of the largest hotel companies in the country.  They are drafting conceptual plans to renovate and expand the guestroom facilities at the Samoset, in order to raise its accommodation standards to the level of their other resort property, the Hilton Sand Key in Key West, Florida.

"This is a perfect match for the new owner," stated O'Connell.  "The expansion potential is terrific, taking advantage of magnificent views of Penobscot Bay and the outer islands."  McElroy commented, "Samoset Resort Investors did an outstanding job of creating an exceptional resort during their ownership from 1984 through January 1999.  Ocean Hospitalities' affiliate Samorock, LLC is ideally suited to take the resort to the next level."

Insignia/ESG is one of the largest commercial real estate services providers in the United States, with comprehensive brokerage, property management, facilities management, consulting, investment sales and debt placement operations in many of America's top markets.  Insignia/ESG is a subsidiary of Insignia Financial Group, Inc., a publicly traded real estate company listed on the New York Stock Exchange under the symbol, IFS.

Insignia/ESG Hotel Partners is part of Insignia/ESG's Capital Advisors Group, which focuses on investment sales and debt financing for major properties of all types.  Insignia/ESG Hotel Partners is a leading full service real estate group for the hospitality industry, with brokerage, debt and equity financing, advisory and asset management operations in offices worldwide.  Insignia/ESG Hotel Partners has nine offices in North America, including Atlanta, Boston, Chicago, Dallas, Honolulu, Los Angeles, Miami, New York and San Francisco.