A historic Mount Desert Island hotel whose financial woes forced its sale last month will open under new ownership in May.
The Asticou Hotel, which was formerly owned by hotelier Tim Harrington, was forced into a bankruptcy sale last month after unpaid contractors filed millions of dollars worth of liens against the property. Ocean Properties, which owns several resort hotels in Bar Harbor and elsewhere, bought the Asticou for $60 million.
The hotel will open for the season on May 15 under the management of Ocean Properties, according to Atlantic Hospitality, the parent group of Asticou Hospitality.
Ocean Properties, owned by members of the Walsh family, has a portfolio of more than 125 hotels throughout North America, including several in Bar Harbor, according to its website.
“The transition ensures that one of Mount Desert Island’s most storied properties remains in the
hands of an experienced, locally rooted operator deeply committed to Maine’s hospitality
landscape,” according to a press release from Ocean Properties.
Harrington, who owns hotels and campgrounds along Maine’s coastline, purchased the Asticou in 2023 and spent $28 million on its renovation. He later faced liens and legal complaints for allegedly shorting his contractors some $14 million in materials and services during the extensive renovation. The hotel reopened in July 2025 and closed for the winter last fall.
“The revival of The Asticou was made possible by the dedication and craftsmanship of many partners, tradespeople, and collaborators,” according to a press release from Atlantic Hospitality.
The sale came after four Maine businesses filed an involuntary bankruptcy petition in February in federal court against Asticou Hospitality, claiming they were owed a combined $192,004 in goods and services, according to court documents.
Harrington has also been accused of not paying his contractors in other parts of the state.