BOLTON LANDING — One of the biggest resorts in the Adirondacks is being sold to the Florida-based owner of more than 100 North American hotels and resorts.
Officials at a partner of Green Island Associates, the owner of The Sagamore on Lake George, say they have an agreement to sell the 350-room hotel to Ocean Properties, Ltd.
Details of the deal aren’t being released.
Ocean Properties officials will visit the hotel over the next few weeks to complete the sale.
The Sagamore is located on a 70-acre island off Bolton Landing. First built for wealthy travelers in the 1880s, the resort fell into disrepair until it was restored a century later by its current owners.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
New Sagamore owner fires workers September 17, 2008 by Chris Churchill, Business writer
Ocean Properties Ltd., the New Hampshire company that yesterday purchased The Sagamore resort in Bolton Landing, has laid off as many as 80 workers at the historic property along Lake George.
Ocean Properties, in a press release announcing the purchase, noted that it specializes “in turning around non-performing resort properties in order to make them profitable long-term investments.”
Kevin Rosa, The Sagamore’s director of sales and marketing, this morning declined to comment.
The state Department of Labor said this morning that it had not received notice of the layoffs, as required by law.
Residents of Bolton Landing initially welcomed the sale of the historic but financially troubled resort, which had been owned by Green Island Associates. Yesterday’s layoffs, though, may negate some of that goodwill.
Rosa, though, said this morning that ultimately “this ownership change is going to benefit the property.”
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