Nordic Village Luxury Mountain Getaways sold to Maine hotelier

Robert Cyr retains ownership of Nestlenook Farm in Jackson

One of the most picture-perfect resorts in the Mount Washington Valley has been sold.Nordic Village Luxury Mountain Getaways of Bartlett and Jackson was sold by developer/owner Robert Cyr Dec. 20 to Danny and Carla Lafayette of the Bangor, Maine-based Lafayette Hotels group. The sale was transacted by Wason Associates Hospitality Brokerage Group, based in Portsmouth.That firm is headed by Earle Wason of Freedom, formerly of the Mount Washington Valley-based Gribbell, Wason and Jones realty firm. Wason founded Wason Associates Hospitality Brokerage Group in 1991. Since that time, the firm has sold 135 hotel properties, primarily in New England, according to Wason.Among the local transactions his firm has been involved with include the sale of the Christmas Farm Inn in Jackson, the Merrill Farm Resort in Conway, the Green Granite and Holiday Inn Express, both in North Conway; and The Lodge at Jackson. He also helped broker the sale of the Indian Mound Golf Course in Ossipee.I was contacted by Robert back in June that he was interested in selling Nordic Village but keeping Nestlenook Farm in Jackson. I knew the Lafayettes from prior sales. When I contacted him six months ago, Danny, who is a great guy, a former West Point graduate and Mainer, said he was interested. So that's how the whole thing started, Wason said this week.Wason said his firm was able to structure the transaction in a way that protects Cyr's taxation interests.It's structured as acombination of installments as a sale and tax deferred exchange the benefit to that is it creates annual income and defers a significant part of Mr. Cyr's capital gain tax, said Wason, whose firm includes a certified public accountant who specializes in real estate transactions.Cyr a hair salon owner in Worcester, Mass., who is known for his meticulous attention to detail, whether it be for hair care or for creating masterful landscape and architectural designs said he could have sold the units at Nordic Village LMG individually but that he is glad to have sold it as as one piece.I like the Lafayettes. They share my vision for the property, and I am happy to see it go to them because they will carry on the fine tradition of hospitality that we have established at Nordic Village, said Cyr.He developed Nordic Village in the 1980s along with the Nestlenook Resort.The landscape has been my canvas, said Cyr of his devotion to creating one-of-a-kind properties that appeal not just to skiers but to people looking for a romantic retreat in the White Mountains.The property sold for $13 million, Wason said. Had it been sold individually, Cyr estimated it could have brought in as much as $18 million collectively, based on other individual unit sales.Cyr said he will continue to own and operate the Nestlenook Farm, which includes a Victorian inn, townhouses and the resort amenities of the Nestlenook, including the Victorian skating park and sleigh rides.I have a very strong emotional tie to the Nestlenook, which I operated with my late wife, Nancy, Cyr said, noting he is watching the business climate before deciding exactly what future development plans he may undertake for the Nestlenook.The Nordic Village Luxury Mountain Getaways sale includes: The office building on the east side of Route 16 on the Jackson-Bartlett town line. Furnished individual condominium units in the Nordic Village condominium development. 99 acres with recreational facilities, including an indoor pool, two outdoor pools (one of which is heated year-round); tennis courts, pavilion, pond and gatehouse. Nordic Highlands Condominiums, a development that includes 10 units in three buildings, with a total of 30 break-out rental units all fully approved as quarter share units and with a second outdoor outdoor pool and recreation building with exercise facilities. The Chateau at Highland Ridge, which consists of two Victorian-style buildings each with four separate luxury rental units. The lodging rental operation of Nordic Village Resort Luxury Mountain Getaways.There are 132 units there at Nordic Village Danny bought 33 of them and there are 74 rental units he bought from Robert. The rental program offers 130 units for rent. There are 170 rentals up there. Every unit has a view down the valley, said Wason.He said the condominium association of owners at Nordic Village had the right of first refusal on the sale, but they declined, according to Wason.Wason said the Lafayettes have been in the hotel business since 1982 when they bought the Best Western White House Inn. Wason said Danny Lafayette's philosophy of running hotels is straightforward: hire good people, re-invest in your hotels, steadfastly control expenses, pay bills on time and work hard.I first met Danny in 1992, when I sold him his third hotel the Best Western Merry Manor in South Portland Maine. Nordic Village Luxury Mountain Getaways is his 24th property, said Wason, who noted that all of the Lafayettes' other hotel properties are located in coastal Maine, except for two that are located in new Hampshire: B. Mae Denny's in Gilford, a resort founded by Red Parka Pub of Glen owners Dewey Mark and Tony Ferruolo, and the Fireside Inn in Lebanon.They were looking for a White Mountain property because they see a lot of potential for marketing for their coastal Maine properties and this area. They do a lot of European individual travel business, and they will bring a lot of new people here to the valley, said Wason.In addition to the Fireside and B. May Denny's New Hampshire properties, the company also owns the Anchorage in Portsmouth. The Lafayette company's Maine properties include Best Black Bear Inn and Conference Center in Orono; Ogunquit River Inn, Ogunquit Seacastles Resort, and Norseman Resort, and the Seacoaster Resort and Spa, all in Ogunquit; the Viking Motor Inn and the Waves Oceanfront Resort, both at Old Orchard Beach; the Wonder View Inn and the Bar Harbor Blue Nose Inn, both in Bar Harbor; Lafayette's Oceanfront Resort in Wells Beach; America's Best Inn and the Best Western White House Inn, both in Bangor; the Senator Inn and Spa in Augusta; the Comfort Inn Ocean's Edge in Belfast; the Best Western Waterville Inn in Waterville; a Fireside Inn and Suites in Lewiston-Auburn; the Best Western Merry Manor Inn in Portland; and the Tugboat Inn in Boothbay Harbor.The company also owns the Best Western Greenfield Inn in Dearborn, Mich.There are obviously economies of scale in operating multiple resorts, as well as cross-marketing opportunities. A company such as the Lafayettes' can also offer competitive benefits and wages for their employees, said Wason.The sale of Nordic Village Luxury Mountain Getaways was financed by Northway Bank, the primary lender, and Machias Savings Bank of Machias, Maine.