May 22, 2018
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Modern Presque Isle hotel opens

By Jen Lynds, BDN Staff

PRESQUE ISLE, Maine — A modern hotel with comfortable rooms, state-of-the-art meeting space, a pool and other amenities is the newest addition to the city, and business is already booming at the Main Street facility.

The new 58,500-square-foot Hampton Inn Presque Isle at 768 Main St., opened on Aug. 11, just 10 days later than expected.

“Business has been great, and we have already been very busy,” Joshua Cushing, general manager of the hotel, said Tuesday. “We had a great opening week.”

The inn employs approximately 30 full- and part-time employees who began work at the end of June. The four-story inn houses a heated indoor pool, a fitness center and a business center with a copier, fax machine and other amenities. Meeting space and a board room also are available.

In March 2008, city councilors established a tax increment financing district for Yarmouth-based BLD Properties LLC so it could build the hotel.

The TIF district exists where the inn has been constructed, which is on the site where the armory once stood.

Intended as an economic development device, TIF aims to attract investment in a specific portion of a town. TIF districts are meant to stimulate economic development, guard or create jobs, and encourage investment to bolster business growth.

The TIF contract includes a 10-year credit enhancement agreement on new assessed value of real estate. The credit enhancement agreement will return a portion of the TIF revenues to the company over a decade.

Cushing said Tuesday that the hotel has seen a good mix of both in-state and out-of-state visitors. To welcome the hotel to the city, the Presque Isle Area Chamber of Commerce hosted a ribbon cutting later that day.

A grand opening event is expected in October.

The inn already has brought jobs to the area and is expected to increase the tax base of the city, especially since the armory was property-tax exempt. It is expected to have an estimated $4.5 million to $6 million financial impact on the city’s restaurant, retail and recreational sectors.

BLD Properties LLC also serves as managing partner of the Hampton Inn in Freeport, the Hilton Garden Inn in Freeport, and the Hampton Inn in Waterville.


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