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UMaine is on the hook for the financial shortfalls of a hotel on campus
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Daily Bulldog
UMaine’s contract with Hotel Ursa requires the university to make up the difference if the hotel does not earn a certain amount of net operating income each year. Warren argued that the remaining $575,000 that UMaine must pay in rent is less than the $612,446 that UMaine might have owed the hotel for profit shortfalls next summer, per the contract that lists the maximum shortfall payments the university could owe each year. Under UMaine’s agreement with Hotel Ursa, the university can receive a 20-percent share of the hotel’s net operating income each year.