Grand Union Motel - Crystal Spa in Saratoga Springs NY - For Sale
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Grand Union Motel owner selling for $6.
The owner of Grand Union Motel and Crystal Spa in Saratoga Springs NY is looking to sell the South Broadway business, two years after it was purchased.
Yong Brothers Trading Co. placed the 64-room motel and spa on the market Wednesday for $6.8 million.
Yong Brothers have owned the 2.62-acre business at the southern entrance to the city’s downtown, since Jan. 26, 2006. It was purchased from the Benton family for $5.8 million, according to city and county records.
The motel was listed with Coldwell Banker Prime Properties of Cohoes this week, according to agent Saborina Chin, who is handling the property.
The Saratoga Springs hotel and motel market has been a busy place for buyers and developers in the past five years.
A new 124-room Hampton Inn and Suites is scheduled to open this summer on Lake Avenue in the center of downtown.
That opening comes just three years after a 103-room Residence Inn by Marriott opened and four years after a 145-room Courtyard by Marriott was built.
Chin said the Grand Union Motel and Crystal Spa are profitable. She declined to say if competition was a factor in the owner’s decision to sell after just two years in business.
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