Bringing new life to historic buildings

Project Highlights

  • Solicited, selected, and negotiated terms of P3 deal structure to convert Coburn and Holmes halls into a boutique hotel on campus with approximately 95 rooms, as well as meeting spaces and a small café that will benefit students, faculty, staff, and visitors
  • The $28M, 24K+ square foot boutique hotel, called Hotel Ursa, opened in spring 2024
  • The hotel was delivered through a P3 agreement, which includes a ground building and operations lease, and was the first P3 for the University of Maine System

Client:
University of Maine

Solutions:
Hotel P3 advisory services, historic buildings renovation

Our approach:

Brailsford & Dunlavey (B&D) assessed the strategic importance of Coburn and Holmes Halls, evaluating the long-term value of continued investment in these facilities. The team conducted a highest and best use analysis to identify the optimal solutions for the underutilized buildings, ensuring alignment with market demand while positioning the university for future success. B&D also performed detailed financial analyses and advised the university on a range of financing and delivery structures to determine the most advantageous approach for achieving both financial and strategic objectives. In addition, the firm managed the public-private partnership (P3) selection process and led negotiations of the final agreements, ensuring outcomes that advanced the university’s long-term goals.