The Colonial Inn in Hillsborough has finally changed hands after a lengthy process which included eminent domain proceedings brought upon by the Town.

The deed was signed earlier this month by Allied DevCorp. LLC for $800,000, $75,000 under the asking price.

Hillsborough attorney Sam Coleman represented the developers in the deal.

“Sam is such a hometown advocate and so well known,” said Hillsborough Mayor Tom Stevens. “He would not be supporting this if it didn’t feel like a really strong team that he’s representing.”

The plans for the revitalized Colonial Inn call for a boutique hotel, restaurant and event space.

Stevens expects the transition to go smoothly.

“It’s not an overnight process, but I think it will be a fairly straightforward process,” said Stevens.

Previous owner Francis Henry allowed the property to fall into disrepair after purchasing it at auction in 2001 for $440,000.

A Colonial Inn Preservation Association Facebook Page has been started in collaboration with the new ownership in order to ensure the historic preservation for future generations.