SARATOGA SPRINGS, NY – Wason Associates Hospitality Real Estate Brokerage Group (Wason Associates) is pleased to announce that they have successfully negotiated the sale of the 168 room Holiday Inn located in the historic downtown district of Saratoga Springs, NY along Broadway and Congress Park.
The transaction was negotiated by Wason Associates on behalf of the seller, Saratoga Pelican Associates, LLC., a group of local citizens who operated the hotel for over 50 years. The buyer, JLK Global Fund International, is a Canadian investment group with a diverse portfolio of hospitality properties.
JLK has contracted New Castle Hotels and Resorts (NCH) to assume management responsibilities. Julian Buffam, a partner at NCH said of the deal: “We look forward to embracing the close relationship with the community while enhancing the guest experience and overall hotel performance with proven operational strategies and further capital improvements.”
“It was a pleasure to facilitate the successful sale of the Saratoga Springs Holiday Inn to its new owners,” said Joe Cardillo, associate broker of Wason Associates. “We enjoy working with skilled individuals and companies to enrich the growing hospitality market in the capital region of New York. Companies determined to invest in upholding the tradition of local businesses are always a delight to work with.”
About Wason Associates Hospitality Real Estate Brokerage Group
Wason Associates is a highly-respected New England-based brokerage firm comprised of professionals who bring a unique combination of financial, banking, and real estate expertise to each transaction.
Joe Cardillo has a diverse business background that encompasses sales, management, finance, ownership experience, and expertise in the retail and hospitality industry. For nearly 15 years, Joe has completed numerous hospitality transactions throughout the region, more specifically in Vermont and New York. He has garnered a strong reputation for his attention to detail, assistance, and ability to close difficult transactions.
Peter Annon has more than 30 years of experience as a certified public accountant (CPA), Registered Financial Consultant, and is a licensed real estate salesperson. He has provided his services to business owners, real estate developers, management companies, and hospitality firms throughout New England. Peter is also a member of the American Institute of Certified Public Accountants (AICPA).
Offering advisory services to both buyers and sellers, Wason Associates provides a strategic, client-centric approach to problem-solving, financial advising, and transaction execution. For more information on Wason Associates, visit www.hospitalityrealestate.com.