A prominent North Conway hotel has traded hands from a Rhode Island firm to a Massachusetts firm for $44 million.

The North Conway Grand Hotel’s sale took place May 20 according to a Carroll County deed. Citizens Bank of Rhode Island provided the mortgage.

The seller, Newport Hotel Group, had owned the 200-key asset since 2024, according to public records.

The buyer, The Mount Vernan Company, is a major investor in Boston-area multifamily and hospitality properties for many years, as well as hotels on Martha’s Vineyard and Nantucket. The company’s hotels are managed by Portland, Maine-based Olympia Hospitality.

In a statement to the Conway Daily Sun, company Chairman Bruce Percelay said his company was “extremely excited” about the deal and planned unspecified upgrades to the property “over the coming years.”

Built in 1989, the hotel sits behind the Settlers Green Outlet Village, just off the White Mountain Highway in North Conway’s commercial core. A one-room weekend reservation for the hotel in prime leaf-peeping season in early October was being advertised at just over $550 as of publication time.