Saratoga Springs, NY Marcus & Millichap has completed the sale of a 73-room hotel, the Best Western Saratoga Springs, located 3291 S. Broadway, according to John Krueger, vice president and regional manager of Marcus & Millichap’s Manhattan office. The property sold for $5.6 million.
The deal was brokered on both sides by Jerry Swon, Daniel Zagoria, and Cameron Pierce, of the firm’s Manhattan office. Both the buyer and seller were private investors.
“We appreciate the confidence the seller put in our team to market the property as he developed, owned and operated the hotel for many years. Leveraging Marcus and Millichap’s national platform we were able to source an investor group headquartered in Missouri to purchase the asset. Being a Skidmore College graduate, it was particularly gratifying to execute on this transaction in Saratoga,” said Swon.
The property is a two-story, 73-room hotel conveniently located off Rte. 9 and I-87, six miles from Saratoga County Airport and 24 miles from Albany International Airport. The hotel offers amenities, including complimentary WiFi and breakfast, as well as a fitness center, laundry facility, and swimming pool. Guest rooms feature a desk, television, microwave, refrigerator, daily housekeeping, iron and ironing board, hair dryer, and coffee maker.