by Andrea Palmer
The Holiday Inn Saratoga Springs is under new ownership and management.
Kevin Tuohy, who has ties to Saratoga Springs, is the new general manager of the hotel.
“My company knew what an exciting and dynamic market Saratoga is. They’ve been trying to get into the Saratoga market for quite some time,” said Tuohy.
Fred George is the president and CEO of the new ownership group JLK Global Fund International, based in Canada. The property was purchased for $21.8 million. JLK Funding partnered with New Castle Hotels and Resorts to manage the asset.
“NCH’s reputation for maximizing operational results and respecting and cultivating relationships within the communities in which they operate made them the perfect management partner for this hotel,” said George in a news release.
Tuohy was brought on by New Castle to manage the asset. He formerly managed the Delta by Marriot in Utica, New York for four years. The hotel is owned by United Capital Corp.
“The property was and is wonderful,” said Tuohy. “The former property manager, Cindy (Hollowood), had been here for over 40 years. There was a fantastic staff here. They’d really done everything right. They built a great foundation here at the hotel, and great relationships throughout the community.”
“Many in the management team had been here since the inception in the 1960s, when the building was built,” he said. “That’s unique to the hospitality industry, which is known for turnover. To have the stability they’ve had here for the past 40 years really speaks to the efforts of Cindy and the entire ownership and management team.”
“We want to continue in the tradition that the former managers built here for so long,” said Tuohy. “Frankly, we don’t want to change a whole lot. We’ll put about $1.5 million into the updating the infrastructure of the asset before November 2020. For the most part, we just want to keep it all the same and reap the benefits of being in Saratoga.”
Tuohy grew up in Saratoga Springs. “I’m really excited to be back home. This property speaks for itself. It’s a beautiful property. It’s an iconic part of Saratoga Springs and I’m excited to be part of it.”
The addition of the Holiday Inn Saratoga Springs brings another brand family to NCH’s growing portfolio of upper-midscale to upper-upscale properties in urban and major resort locations. Earlier this year, NCH added Choice Hotels to its mix of brand partners with the opening of the Cambria Charleston Riverview.
The Holiday Inn Saratoga Springs is located within a short walking distance to major attractions including the storied Saratoga Race Track, Canfield Casino, and Saratoga Performing Arts Center (SPAC).
The Holiday Inn Saratoga Springs (an IHG Green Engage Level 1 hotel) features Bookmakers, a three-meal restaurant, bar and lounge with an outdoor patio and fire pit; as well as 9,000 square feet of flexible meeting space suitable for hosting events up to 800 people. Complimentary amenities include in-room WiFi, a heated indoor and outdoor pool, a fitness center and a 24-hour business center.
New Castle Hotels & Resorts is a fully integrated, industry-recognized hospitality investment, development and management company that has built its reputation executing complex operational turnarounds, new-build developments and conversions, including historic redevelopments.
The 168-room Holiday Inn Saratoga Springs is located at 232 Broadway, near Congress Park.
by Andrea Palmer