The historic Harbor View Hotel in Edgartown has been sold to Upland Capital Corporation, a Boston-based asset management and real estate investment firm founded by Edgartown seasonal resident Bernard Chiu.

The sale closed Wednesday afternoon. The purchase price was $30 million, according to land records. The seller is Scout Harbor View Property LLC, a partnership group. According to town records, the assessed value of the hotel and associated condominium properties is $24.2 million.

Mr. Chiu, a former seasonal resident of Nantucket, has owned a home in Edgartown for the past three years and was a summer visitor for many years before that.

“It’s a lovely property,” he said, speaking to the Gazette by phone Thursday. “I have a passion and love for that. I live in the neighborhood, I love the area. It’s a very iconic hotel and you can’t get a better location for a beautiful property in the United States.”

Mr. Chiu said he plans immediate improvements in customer service and guest experience. He also plans to renovate the 127-year-old resort property beginning this fall.

“I would like to renovate the hotel and bring it back to what it was, and what it should be,” Mr. Chiu said. “We’re excited to do that.”

The new owner said part of the hotel will be closed when renovations begin, but part will remain open.

He said he plans no changes in the name of the hotel or the attributes that make it special, but hopes to elevate its reputation as a premier hotel in the northeastern United States.

“We would never change it, it’s such a beautiful name,” said Mr. Chiu. “It’s all about love and passion. I’m so proud to own it and also to do all the work to bring it to the next level. I think it will benefit the town, the neighborhood and the Island.”

Mr. Chiu is a Hong Kong native who has been a United States citizen for more than 30 years, according to a biography on his company’s website.

He founded Upland Capital to manage his family’s assets and real estate investments. Before that, he founded Duracraft Corporation, a home comfort appliance manufacturing and marketing company. He later became chairman of First Act Inc., a company that sells musical products.

Home to 130 rooms and two restaurants, the hotel stands at the end of North Water street, overlooking the Edgartown lighthouse.

Known as the grande dame of Island resort properties in its heyday, the hotel is steeped in Vineyard history. It was once a favorite of well-heeled New Yorkers who came to stay for the summer, enjoying a pristine view of Nantucket Sound and Cape Pogue from the wide verandas that remain a signature feature of the property today.

The hotel ushered in a new era for the town when it opened in 1891. Founders were Dr. Thomas Walker, a leading physician in Edgartown, and Luther T. Townshend of Watertown, a summer visitor. Each pledged a subscription of $5,000 to raise capital for the construction of the hotel, which was faced with 100,000 cedar shingles imported from New Brunswick.

In 1965 the hotel was bought by the late Robert Carroll, a prominent Edgartown businessman, and his partner Allan Jones, a former state senator and Cape Cod businessman. At the time it was part of the Treadway Inn chain.

In 1986, Mr. Carroll sold the hotel to Robert Welch and Mr. Jones’s son Stephen C. Jones of Iyanough Manage­ment in Hyannis.

The hotel last changed hands in 2006, when it was sold to Scout Real Estate Capital LLC, a Nantucket-based investor group. The partnership has undergone several changes since then. The 2006 purchase price for the hotel was $32.5 million.

The new owner has retained Scout Hotel Resort Management to continue as the management company.