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Hotel Saranac up for sale on Craigslist

October 2, 2012
By CHRIS KNIGHT - Senior Staff Writer (cknight@adirondackdailyenterprise.com) , Adirondack Daily Enterprise

SARANAC LAKE - The Hotel Saranac is being advertised for sale on Craigslist.

A listing on the Plattsburgh Craigslist website, posted Sept. 25, describes it as a "historic 86 room hotel for sale in downtown shopping and recreation area of the Adirondack region, Upstate New York." It says the hotel has "great profits and upside revenue potential from rooms, F&B (food and beverage) and retail" and says the seller is "motivated."

The price of the 25,000-square-foot hotel isn't listed. The contact number on the listing is a New Jersey number for Sarena Arora, the daughter of the hotel's manager, Sewa Arora. She didn't return a message left Monday by the Enterprise.

Article Photos

The Hotel Saranac
(Enterprise photo — Chris Knight)

The Arora family owns the Main Street hotel under the name Sardeshwari Enterprises. The property was assessed at $1,221,000 this year by the town of Harrietstown.

In July, the Enterprise reported that village Mayor Clyde Rabideau and other village staff sent three potential buyers to the hotel, all of whom were willing to spend "millions of dollars," according to the mayor, to purchase and restore the hotel, but none of the buyers was able to come to terms with Sewa Arora. One of the potential buyers was local resident Lee Keet, Keet confirmed.

Rabideau blamed Arora for the demise of the negotiations, saying the terms and conditions changed from meeting to meeting.

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Arora argued that the potential buyers simply weren't willing to meet his asking price for the hotel, which was $2 million in July, and that's why the talks dissolved.

At the time, Arora said he had no plans to sell the hotel unless the offer meets his asking price.

"I'm not going to sell it because I'm making money," he said then. "We're not looking actively for a buyer. I've not listed the hotel with any broker. But if the right person comes along at the right price, we'll sell it."

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Contact Chris Knight at 518-891-2600 ext. 24 or cknight@adirondackdailyenterprise.com.

 
 

 

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