SARANAC LAKE - A New Hampshire-based company has agreed to buy and renovate a Saranac Lake icon: the Hotel Saranac.
Roedel Companies, a chain of hotel owner/operators, plans to "restore the property to its historic grandeur by renovating the Ballroom, lobby, 86 guestrooms and first-floor retail space," according to a press release from the company.
Fred Roedel III, a fourth-generation summer resident of Saranac Lake and a principal in the Roedel Companies, announced the company's plans to the mayor and other local and state officials last week as the company is putting together a grant funding application for part of the projected investment.
"The Hotel Saranac is an important asset to the community," Roedel said in a release. "Upon completion of the renovations, the hotel will drive vitality and economic stability in the area. The restoration of the property and Ballroom will allow the hotel to serve as the venue for special events and milestones."
Mayor Clyde Rabideau is set to discuss the historic redevelopment project at tonight's village board meeting, scheduled for 5 p.m. at the village hall on Main Street. The board will vote on a letter of support for the grant funding application.
Up until the mid 2000s, the hotel was a popular choice for weddings and other special events. But in recent years, that tapered off under the ownership of Sewa Arora.
Attempts by various individuals over the years to purchase the hotel have fallen through after potential buyers have failed to come to terms with Arora. Rabideau has blamed Arora for the negotiations falling through.
Rabideau said in a press release that he's excited about the news.
"This is terrific news for the village and, though it's not a done deal and there are many hurdles to overcome, the intended renovation and restoration of the hotel will bring new vibrancy to Saranac Lake, especially our Downtown, as the Hotel Saranac is the icon of the community and is downtown's centerpiece," Rabideau said.
Roedel Companies owns and operates nationally branded hotels throughout the eastern United States. Roedel Companies' growing portfolio includes Hilton Garden Inn, Hampton Inn & Suites, Holiday Inn Express & Suites and La Quinta Inn & Suites properties. The organization recently acquired a full service Holiday Inn in Mount Kisco, which will undergo a multi-million dollar renovation this fall.
ROK Builders, the hotel construction affiliate of Roedel Companies LLC, has 45 years of experience developing, constructing, managing and designing hotels for its own account and third parties. The organization's new hotels and hotel renovation projects are designed to maximize revenue, control costs and ultimately deliver optimal free cash flow to owners and investors. According to a press release from the company, ROK Builders' expertise in the hotel construction business has earned a reputation for delivering well-designed and cost-efficient projects on time and on budget.