By Maureen Werther
The Downtowner Hotel on Broadway in Saratoga Springs has been sold and closed in October while its new owners—Lark Hotels, a Massachusetts-based company—completes as-yet-undisclosed renovations and updates to the property.
Lark Hotels founder and CEO Rob Blood chose the Downtowner to add to his company’s growing list of “boutique” properties because it sits squarely in the heart of downtown Saratoga Springs, at 413 Broadway. Blood said that he and his team are excited about their first hotel project in Saratoga. He said the area has been on their radar for a long time and they are thrilled to be part of “what is already such a vibrant community.”
The company paid former owners, husband-and-wife team, Mary Cae and William Asay, $4.55 million for the motel. The sale was financed with a $6.1 million mortgage and construction loan through M&T Bank. Lark Hotels completed the purchase of the property through its real estate holding company, 413 Broadway Holdings Company,LLC, according to documents filed with the Saratoga County Clerk’s office.
The motel has 42 rooms and that number will remain the same when the motel re-opens in July, in time for the busy summer season, according to Blood.
He said they are not ready to reveal the full design plan for the motel, but “the design direction will rely heavily on the local cultural and arts community.”
Blood said once the permitting process is complete, they expect the renovations to take between six to eight months. His company is working with local builder Robert Courtney, a custom homebuilder and a trim carpenter who will supervise the work. They have also hired Phinney Design Group as architects for the project. Blood said he will be working with as many local trades as possible.