[abridged] We present multi-epoch high-resolution optical spectroscopy,
UV/radio/X-ray imaging, and archival Hubble and Spitzer observations of an
intermediate luminosity optical transient recently discovered in the nearby
galaxy NGC300. We find that the transient (NGC300 OT2008-1) has a peak absolute
magnitude of M_bol~-11.8 mag, intermediate between novae and supernovae, and
similar to the recent events M85 OT2006-1 and SN2008S. Our high-resolution
spectra, the first for this event, are dominated by intermediate velocity
(~200-1000 km/s) hydrogen Balmer lines and CaII emission and absorption lines
that point to a complex circumstellar environment, reminiscent of the yellow
hypergiant IRC+10420. In particular, we detect broad CaII H&K absorption with
an asymmetric red wing extending to ~1000 km/s, indicative of gas infall onto a
massive and relatively compact star (blue supergiant or Wolf-Rayet star); an
extended red supergiant progenitor is unlikely. The origin of the inflowing gas
may be a previous ejection from the progenitor or the wind of a massive binary
companion. The low luminosity, intermediate velocities, and overall similarity
to a known eruptive star indicate that the event did not result in a complete
disruption of the progenitor. We identify the progenitor in archival Spitzer
observations, with deep upper limits from Hubble data. The spectral energy
distribution points to a dust-enshrouded star with a luminosity of about 6x10^4
L_sun, indicative of a ~10-20 M_sun progenitor (or binary system). This
conclusion is in good agreement with our interpretation of the outburst and
circumstellar properties. The lack of significant extinction in the transient
spectrum indicates that the dust surrounding the progenitor was cleared by the
outburst.Comment: Submitted to ApJ; emulateapj style; 39 pages; 26 figure