Iconic Saranac Lake hotel sold, will undergo $13 million renovation
Wed, 11 Dec 2013 20:20:25 GMT —
An iconic 86-year-old hotel in the Adirondack village of Saranac Lake has been sold to a New Hampshire-based company that plans a $13 million renovation for the property.
Local media outlets report that the sale of the Hotel Saranac was recently completed in Franklin County.
The hotel was bought for more than $1.4 million by Roedel Partners of Saranac Lake LLC, part of Wilton, N.H.-based Roedel Companies, a hotel construction and management firm. The sellers are the Arora family, owners of Long Island-based Sardeshwari Enterprises Inc.
The Arora family bought the 86-room hotel seven years ago from Paul Smith's College, which had owned the property since 1962.
The Cuomo administration announced Wednesday that Roedel will get $5 million in state economic development funds for the renovation project.