NORTH ADAMS, Mass. — The big green letters for the Holiday Inn were being taken down on Monday morning, three days after the 90-room hotel changed hands. 

 

The new Hotel Downstreet was purchased by NA Hotel LLC on Friday for $4.45 million. 

 

The limited liability company is headquartered in Rhode Island and represents Peregrine Group, a 20-year-old real estate adviser and property management company. Its portfolio includes the public/private 43-unit residential Parkside on Adams & Historic Substation in Boston and the Newport Yachting Center in Rhode Island. 

 

The current green Holiday Inn signs were installed in 2011, part of a rebranding by Holiday Inn. The new Hotel Downstreet sign is up near the entrance and a banner will be put up until a new sign is fabricated. 

 

Colin Kane, founding partner of Peregrine Group, and Sarah Eustis of gave the City Council last month the rundown on Monday on their plans for the 50-year-old property, which includes revamping and updating the hotel, reorienting the main entrance to the parking lot on Ashland Street and tearing down the one-story addition there that had been leased out to offices and businesses. 

 

Kane said retail tenants will be sought for the Main Street facing spaces. The current tenants, including the North Adams Museum for History and Science, will have to move; Kane told the City Council the hotel will be patient and will help them find new locations. 

 

The hotel will be managed by Main Street Hospitality Group, which operates the Porches and Red Lion Inn. CEO Sarah Eustis said the current staff will be kept on. 

 

The hotel on the corner of Main Street was purchased in 2009 for $2.925 million by Larkin Realty of Burlington, Vt., as North Adams Hospitality LLC. It had operated in past years as the North Adams Inn and had opened as a Sheraton. The most recent valuation was for $3.8 million. 

 

Peregrine and Main Street Hospitality said they have been in talks with Larkin for nearly three years. Efforts will be made to keep part of the hotel open during the renovation process. The restaurant is still open.