SARANAC LAKE — A hotel management company based in New Hampshire has contracted to buy the Hotel Saranac.
Fred B. Roedel III is a partner of Roedel Companies and president of its hotel-construction affiliate, ROK Builders.
Biz News Ink
His family has owned a summer residence in the Saranac Lakes region since the 1800s, according to the company’s announcement.
The redevelopment project seeks “to restore the property to its historic grandeur by renovating the ballroom, lobby, 86 guestrooms and first-floor retail space,” Roedel said in a prepared statement.
The developer is also seeking grant funding from the North Country Regional Economic Development Council to support the project.
Saranac Lake Mayor Clyde Rabideau said the Village Board of Trustees approved a resolution supporting the grant application for Roedel Co. at a special meeting on Monday.
The board recently passed a similar resolution for Lake Flower LLC, which intends to build a hotel on four Lake Flower waterfront parcels.
Two weeks ago, Malone Realtor and developer Chris LaBarge announced the plan for a new five-story, 90-room hotel to be built in place of three existing motels there.
Both hoteliers are seeking grant funds for economic development from the Development Council, Rabideau said.
He did not know the amounts sought for either grant.
“They have not finalized their grant applications,” Rabideau said.
But he did not see their requests as competing efforts.
“Everything revolves around job creation. Traditionally, it’s a 20 percent gap funding (that is) provided. For example, the Clayton Hotel Resort earned 20 percent of total project funding due to the number of jobs they anticipate will be created,” Rabideau explained.
“The two hotels would complement each other. They are both going to establish quality hotels with a mix of amenities.
“The Lake Flower project would be built on the water; the Hotel Saranac restoration is based in the business community.