LINCOLNVILLE — The Black Horse Inn at 2254 Atlantic Highway is under new management by a company that intends to refurbish it and market the property for extended stays. Former owner ZR Management LLC, based in Ellsworth, sold the inn for $1.115 million to DB Hotel LLC, based in Cape Neddick, according to documents filed at the Waldo County Registry of Deeds.

Seller’s agent Dick Butler, who works in the Belfast office of Realty of Maine, said the previous owner wanted to retire and listed the inn for sale in June of last year. Over the first three months, he showed the property five or six times, he said. The sale to DB Hotel closed about seven months later. One thing that distinguished DB Hotel, Butler said, was that it was able to make a cash offer. Other potential buyers would have had to finance the purchase, which was complicated by the fact that the seller did not want to provide financials.

Before it was owned by his client, the inn had previously been operated as an assisted living facility, Butler said, which lends itself to the owners’ plan to attract extended stay guests such as seasonal hospitality workers, travel nurses and other health care workers from out of the area, even people doing construction on the anticipated Nordic Aquafarms land-based salmon farm. The inn will also welcome traditional vacationers, according to buyer’s agent Ryan Carey.

Carey, of Portland-based Maine Realty Advisors, told The Republican Journal the inn is DB Hotel’s first purchase in Maine, but the company hopes to acquire more properties here. He said the firm’s principal, who did not want to be named, is based in New Jersey.

Butler and Carey both said there was a market for extended stay properties because of the tight housing market in the Midcoast. Carey pointed out that for a longer stay, the inn could be less costly than many listings on Airbnb.

He said 2021 “was a record year for lodging in Maine,” and Butler agreed. Carey went on to note that the peak tourist season in the state has grown from June through August to include parts of the spring and fall as well.

He added that he believed the new owner plans to keep the name of the inn the same, and would be doing just “cosmetic” refurbishing of rooms to modernize them. The accommodations are larger than a typical motel room; each of the 21 rooms has a kitchenette, and many have whirlpools. According to Carey, “The smallest room would be a suite in a typical hotel.”