Sebasco Harbor Resort in Phippsburg, seen here in 2007, has been sold to a Massachusetts-based hotel group. Shawn Patrick Ouellette/Staff photographer

The Sebasco Harbor Resort, a high-end retreat in the midcoast, has been sold to a Massachusetts hotel management firm.

Bob Smith, who owned and ran the hotel for 25 years, announced the sale of the Phippsburg property Monday.

“We believe we’ve found the right buyer who is equally passionate about honoring the 92-year tradition of hospitality at Sebasco, and I will be available to assist in the transition process to the new ownership of Sebasco Harbor Resort,” Smith said in a statement. The sale marks the third time the property has changed hands since the 1930s.

Bob Smith, who owned Sebasco Harbor Resort for 25 years before selling it to a Massachusetts firm, stands on one of the properties at the Phippsburg resort in 2017. Carl D. Walsh/ Staff Photographer

Giri Hotel Management, based in Quincy, Massachusetts, closed a deal for the 450-acre resort on April 29 for an undisclosed amount. The company manages 46 properties in New England, and about half its portfolio is in Maine, including hotels in Ogunquit, York, Freeport and Bar Harbor.

“With an incredible legacy that goes back nearly 100 years, our leadership team couldn’t be more excited or honored to expand Giri Hotel Management’s footprint in Maine with Sebasco Harbor Resort. We look forward to working with the team that has made the resort successful, and joining this wonderful community,” Giri’s regional director of operations, Nazba Jenulevich, said in a statement.

The resort includes 47 hotel rooms, 23 suites and 22 guest cottages. The property has a golf course, tennis courts, restaurants and a waterfront spa. Sebasco started as an inn built between 1909 and 1912. Over the next century, it grew to accommodate affluent guests who would spend the entire summer there, and then it was modernized to cater to guests looking for shorter stays.

Smith bought the property from Dorothy and Woodbury Dana in 1997 and renamed it the Sebasco Harbor Resort. Smith invested $14 million in the property during the course of his ownership. When Smith bought the property, he promised the former owners he would provide stable leadership, he said. The resort has about 20 year-round employees, but its workforce swells to 145 during the summer.

“I’ve known the owners and team at Giri Hotels for a while, and this wonderful property aligns with a new growth strategy they have in place going forward,” Smith said.