Press-Republican

Business

December 11, 2013

Hotel Saranac sold

New owners await funds for renovations

SARANAC LAKE — The historic Hotel Saranac has formally changed hands.

And now new owner Roedel Partners of Saranac Lake LLC awaits word, due today, on $5 million in state economic-development capital toward the $12.5 million project.

Franklin County Clerk Kip Cassavaw said the deed for the hotel was recorded at the Clerk’s Office in Malone at 3 p.m. Monday.

The transaction closed on Friday for $1,475,995, transferring ownership from Sardeshwari Enterprises Inc., based in Hauppauge, to Roedel.

“They did a termination and assignment of mortgages,” Cassavaw said. “There was a mortgage Sardeshwari Enterprises had with NBT bank, and they assigned that mortgage to Roedel.”

Sardeshwari owned the hotel for seven years, after purchasing it from Paul Smith’s College. The college ran it as part of its Hotel Management and Culinary Arts programs for more than 40 years.

‘FINGERS CROSSED’

The plan to renovate the Hotel Saranac is among 16 top projects deemed critical to economic growth in this region by the North Country Regional Economic Development Council; Gov. Andrew Cuomo will announce the funding awards for statewide councils at 10:30 a.m. from Albany.

Saranac Lake Mayor Clyde Rabideau said he would be in the audience for the much-anticipated session.

He expressed confidence in the hotel’s sale to Roedel and its eventual restoration.

“Fingers are crossed; we’re very hopeful,” he said. “And we’re looking forward to the rebirth of the Hotel Saranac in downtown Saranac Lake.”

A plan from Malone based hotelier Chris LaBarge to build a new hotel on Lake Flower is also on the top-16 list for economic-development resources, along with North Country Community College’s plan to renovate and utilize several key buildings in downtown Malone.

A number of projects in Essex and Franklin counties are among those awaiting word on funding awards, including Phase 2 development of the Wild Walk at the Wild Center in Tupper Lake; the Inn at Schroon Lake; and improvements to the Seagle Music Colony campus in Schroon Lake.

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