The Wesley Hotel in Oak Bluffs will be sold to Lark Hotels, a boutique chain which operates in New England coastal communities, Wesley owner Peter Martell confirmed Thursday.

Mr. Martell, majority owner of the 95-room hotel overlooking Oak Bluffs harbor, said a purchase and sale agreement has been signed, although he declined to reveal the sale price.

“They are taking over the eighth of May, if everything goes well,” Mr. Martell said.

The Wesley opened in 1879. Mr. Martell purchased the property in 1986, financed in part by a mortgage of $1.15 million, according to land records. The current assessed value of the two buildings totals $4.428 million, according to Oak Bluffs assessors records.

The property was most recently listed for sale at an asking price of $5.75 million. The hotel sits on land belonging to the Martha’s Vineyard Camp Meeting Association.

Mr. Martell, the former owner of the Lampost Bar and Pequot Inn in Oak Bluffs, and the Colonial Inn in Edgartown, said after the sale is complete, he will no longer own any businesses on the Island.

“I intend to retire,” he said. “No more. Had enough.”

Lark Hotels owns properties in Massachusetts, Maine, New Hampshire and Rhode Island, including two boutique hotels on Nantucket.