New Hampshire-based hotel owner/operators Roedel Companies announced today that they have reached an agreement with Paul Smith’s College to purchase a vacant dormitory building adjacent to the Hotel Saranac in Saranac Lake, New York. Roedel Companies’ intent is to expand the hotel property with the addition of the building.
ROK Builders, the hotel construction affiliate of Roedel Companies, will oversee the renovations while continuing to restore the Hotel Saranac. This newly acquired space, infrequently used by the college for the past three years, affords Roedel Companies the opportunity to both increase the hotel’s room count and provide an improved mix of guest rooms that are both historic and contemporary. As ownership of the building transfers from the college to Roedel Companies, the community will also benefit from the increased tax revenues generated from the previously tax-free property.
John Mills, President of Paul Smith’s College, explains how the purchase will benefit the college. “We look forward to a growing partnership with Roedel Companies to enhance our students’ educational experience,” stated Mills. “Our Hotel and Restaurant Management Program students will benefit greatly from having a full service hotel so close to campus.”
Fred Roedel III, Partner of Roedel Companies, believes the additional building will enhance the overall property and be a valuable element to the immediate neighborhood and the Village. “Our intent has always been to restore the Hotel Saranac to its once held position as the centerpiece of downtown Saranac Lake,” said Roedel. “The addition of this building further enhances the property’s presence and position in the region.”
About Roedel Companies
Located in Wilton, Roedel Companies maximizes free cash flow and return on investment for hotel owners and investors. The organization has 45 years of experience developing, constructing, managing and designing hotels for its own account and third parties through its subsidiaries RGH Hospitality and ROK Builders. Roedel Companies offers but is not limited to hotel development, construction, pre-opening and management.
In addition, Roedel Companies owns and operates nationally branded hotels primarily in the select service segments throughout the eastern United States. Their properties include the Hilton Garden Inn Manchester and a growing portfolio of nationally branded, select service hotels including other Hilton Garden Inns, Hampton Inn & Suites, Holiday Inn, Homewood Suites by Hilton, Holiday Inn Express & Suites and La Quinta Inns & Suites.