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The 42-room Boutique Hotel will Launch Downtown Waterville’s Revitalization

Portland, Maine – The Olympia Companies is proud to announce Colby College as the newest addition to its growing portfolio of properties in the campus hospitality sector. Olympia will develop and manage Colby’s new 42-room boutique hotel and restaurant in downtown Waterville, Maine. The hotel is owned by Elm City LLC, Colby's development arm, and will be the focal point of Waterville’s downtown revival. Ground breaking is expected to commence in 2017.

“We are thrilled to partner with Maine-based Olympia Companies, which is known for developing unique hotels with the high level of quality and service that we expect," says Brian Clark, Vice President of Planning for Colby College. "Having this hotel on Main Street will bring a constant flow of visitors to downtown to engage with merchants and shops. It signals a new vision for Waterville and will be attractive to a wide range of visitors seeking an extraordinary hotel experience.” 

The Olympia Companies has been nationally recognized for developing and managing such college-owned properties as The Hotel at Oberlin (Oberlin College) in Oberlin, Ohio; The Alfond Inn (Rollins College) in Winter Park, Florida; and The Inn at Swarthmore (Swarthmore College) in Swarthmore, Pennsylvania. Olympia currently manages six properties in Maine, including Inn by the Sea in Cape Elizabeth and The Brunswick Hotel & Tavern.

“We’re excited to partner with Colby College and play an active role in the revitalization of downtown Waterville,” said Sara Masterson, Vice President, Hotel Management of The Olympia Companies. “This hotel is not only in our home state but it aligns perfectly with our expertise in developing and managing boutique campus properties that are successfully integrated into the community.”

About The Olympia Companies

The Olympia Companies, the innovative leader in high profile real estate development, equity and hospitality management projects throughout the U.S. responsible for creating a new breed of sustainable, environmental and philanthropic boutique hotels managed, developed and/or owned by The Olympia Companies. The award-winning company is led by President and CEO Kevin Mahaney, an Olympic Silver medalist and a leader in capital asset management, business and real estate. The Olympia Company’s dynamic and pedigreed executive team delivers expertise in hotel development, LEED building design and construction, project management, operational oversight, branding, feasibility and market analysis, as well sales and marketing. The company currently has 21 hotel projects under management or development in the U.S. For more information, visit

Contact: Gayle Conran / 212-447-1010

About Colby College

Founded in 1813, Colby College is one of America's most selective colleges. Serving only undergraduates, Colby offers a rigorous academic program rooted in deep exploration of ideas and close interaction with world-class faculty scholars. Students pursue intellectual passions, choosing among 58 majors or developing their own. Independent and collaborative research, global opportunities, and internships offer robust opportunities to prepare students for postgraduate success. Colby is home to a community of 2,000 dedicated and diverse students from more than 80 countries. Its Waterville, Maine, location provides access to world-class research institutions and civic engagement experiences. Visit

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