Compass Rose Events buys Water’s Edge Banquet and Function Facility in Edgecomb
The Boothbay turnkey event planner Compass Rose Events has bought the Water’s Edge Banquet and Function Facility in Edgecomb and taken over management of the rental program at Sheepscot Harbour Village Resort in Edgecomb.
Compass Rose Events provides large corporate events for Fortune 500 companies and their subsidiaries across the country. The acquired properties include the main building on Route 1 and Eddy Road, and the small office building across Eddy Road.
The property was purchased from Tony Casella’s estate, according to Compass Rose Events CEO Scott Larson. Casella, who bought the complex in November 2013, died in December.
Larson said Compass Rose Events has been looking forward to venturing into the “brick and mortar” real estate the resort will provide. Larson said, historically, banks have been reluctant to provide financing to Compass Rose because they don’t like using tents, tables, chairs, inflatables, and catering equipment as collateral.
Larson’s management team, Midcoast Hospitality Group, will oversee the Water’s Edge event center and rental program. Larson said that in the past, weddings there have been a more affordable option for those seeking a waterfront venue and that the team looks forward to having a more affordable option to add to its portfolio of other waterfront venues.
Larson said, though Compass Rose Events has taken over the rights to the rental program at the resort, the unit owners are not mandated to rent their units. “It’s all voluntary, but one of our goals is to get as many of them back into the program as we can.”
Over the past several years, there has been a fair amount of instability within the condominium association rental program, according to Larson, and he’s looking forward to improving that.
“Something of a cloud has been hanging over the property for so many years,” he said. “Our first goal is to establish some credibility and provide some stability to the condominium owners at the resort. We want to start building some bridges there.”
Unit owner and president of the Sheepscot Harbour Village & Resort Condominium Association Bob Bertrand said there are approximately 68 units at the resort, including the events center. He has a good feeling about the new ownership.
“We’re very much looking forward to having Scott and Compass Rose Events there. We really can’t wait. Scott and his crew have already been working to bring the events center up to his very high standards.”
Larson said it’s not lost on him that the event center will be the primary driver for those rental units in the years to come.
Compass Rose Events, originally privately owned by Larson, was transitioned to to an ESOP (Employee Stock Ownership Plan) in June 2017. “We’re now an employee-owned company,” he said.
Other properties and businesses owned by Larson’s group include Newagen Seaside Resort, Linekin Bay Resort, and Russell House Bed & Breakfast. Both Linekin Bay Resort and Russell House Bed & Breakfast are owned equally by Larson and Steve Malcom, owner-CEO of Knickerbocker Group. The two also own the Midcoast Gateway Cottages, used for seasonal workforce housing, on the corner or Route 27 and Route 1 in Edgecomb.
The transfer of ownership of the Water’s Edge Event Center took place on Jan. 12. Larson said it is in the process of being re-branded, and upgrades are in the works.
Roger Bintliff started the resort in 2002.