The Colonial Inn of Martha’s Vineyard, a 34-room boutique hotel, condominium and retail complex on North Water street, is under new ownership.

Martha’s Vineyard Colonial Inn LLC purchased the historic inn and complex in November at a foreclosure auction and closed on the property in December.

In the past decade, the Colonial Inn has established the Edgartown Residence Club, a collection of one- and two-bedroom luxury suites available for purchase as fractional ownership or for individual rentals. The new ownership group will aggressively market the sale of the remaining fractional shares at the Edgartown Residence Club, and continue to operate the Colonial Inn seasonally as a boutique hotel.

C.J. Rivard, a 17-year Edgartown resident and general manager of the Colonial Inn since 2001, will continue to operate the complex for the new organization.

The new ownership group is also honoring all existing contracts with the complex’s tenants, which include BlueFish boutique, Chesca’s restaurant, Cutting Crew Salon & Spa, and Eisenhauer Art Gallery.