The Clarion Inn and two adjoining commercial properties on Upper Main street in Edgartown changed hands late last week for $8 million.

The sale closed on June 15. The sellers are longtime owners James and Deborah Carter of Edgartown. The buyer is MV Edgar Inn, a limited liability company whose principals include David Rosenberg of Newton.

Modest inn first opened in 1985 as the Heritage Hotel. — Mark Alan Lovewell

The properties, which include the inn, a restaurant and bar currently leased to the Grill on Main, and space formerly leased to Shiretown Meats, were never put on the market. Mr. and Mrs. Carter said the buyer approached them last winter with an offer. They said deciding to sell the business was not easy.

“We’ve been there our whole lives every day for 40 years,” Mr. Carter said.

“Along your journey in life, when you close one chapter and open a new one, it’s difficult to wrap your head around,” Mrs. Carter said.

The 34-room hotel is known as a moderately-priced place to stay.

Mr. and Mrs. Carter broke ground on the hotel in 1984 and opened it in 1985 as the Edgartown Heritage Hotel. Three months later, their first child was born.

“Our daughter and son both grew up with the business,” Mrs. Carter said.

In 2010, the Carters adopted the Clarion Inn brand, a franchise of Choice Hotels.

Mr. and Mrs. Carter both said the new owners will be a good fit, but declined to give specifics.

“The owners are invested in community,” Mrs. Carter said.

They said they look forward to spending more time with their grandchildren.

“It’s just time,” Mr. Carter said. “It’s been 40 years.”

According to Edgartown assessor records, the hotel is assessed at $3 million, the building that housed Shiretown Meats is assessed at $800,000 and the space housing the Grill on Main is assessed at $919,700.

The sale sent $160,000 to the Martha’s Vineyard Land Bank, which charges a two per cent transfer fee on most arm’s length real estate transactions.