A previous Exeter Inn had been located on Water Street.[1] One of the town's oldest buildings, it was demolished in 1959.[2]
The current Georgian style complex was built in 1932, funded by a donation from the widow and daughter of mining engineer and PEA alumnus William Boyce Thompson.[3] It mirrors the school's architectural motif.[4] It sits on land purchased for the academy in 1890 from PEA alumnus William P. Chadwick by Edward F. Gale and that year's graduating class.[5]
In 1997, the academy transferred a 75-year lease to hotel operator Someplace(s) Different.[3] Hay Creek Hotels acquired the lease in June 2007 and conducted a $5 million renovation, which upgraded the rooms, lobby, restaurant, and amenities.[11][12]