Hotel Online  Special Report


The Plasencia Group Advises on Sale of Historic
Sagamore Resort for $88 million

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TAMPA, FL – At a time when the financial markets are at their worst point since the terrorist attacks of September 11, The Plasencia Group (TPG) announced today the completion of one of the most significant single-asset transactions in the United States in the past 12 months.  TPG served as exclusive advisor to Green Island Associates on the sale of the historic Sagamore Resort in Bolton Landing, New York.  Sagbolt, LLC purchased the resort for just over $88 million in a transaction that closed on September 16.

“The tumultuous investment and credit markets, combined with the property’s complex array of components and resort amenities, made this an extremely challenging transaction,” explained Lou Plasencia, TPG’s chairman and CEO.  “Being able to close a high-profile asset in a seasonally-driven market, despite a very short due diligence and closing period, is a significant accomplishment and a testament to our persistence and perseverance.  We are grateful to our client and to the Walsh family for moving through a very involved process as quickly as they did.” 

Built in 1883, the 70-acre expansive resort on Lake George in the Adirondack Mountains includes a hotel, condominiums, an 18-hole Donald Ross golf course, conference facilities, a marina, sailing school, spa, and multiple food and beverage outlets.  The resort underwent $75 million in renovations in 1983 following its acquisition by Green Island, and then another $20 million in upgrades beginning in 2002.

Green Island Associates, whose principals have owned the Sagamore for 25 years, is a partnership consisting of several private investors.   Sagbolt, LLC is affiliated with Ocean Properties, Ltd. Hotels & Resorts, owned by the Walsh family.   Plasencia and Stephen Kindl, managing director of TPG’s Capital Markets group, represented Green Island in the transaction.

About The Plasencia Group, Inc. 
Founded in 1993, The Plasencia Group is a national hospitality investment advisory firm with offices across the country.  The Plasencia Group provides personalized investment opportunities and services to owners of hotels, resorts, and golf courses throughout the United States, Canada, and the Caribbean.  The Plasencia Group offers a full range of value-added solutions, including portfolio and large asset transactions, troubled asset dispositions, property valuation analyses, debt and equity placement, hotel development and  management advisory services, asset management, financial and strategic planning, and proprietary industry research.  Information available at www.TPGhotels.com.

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Contact:

Karen Brand
Vice President, Marketing & Communications
The Plasencia Group, Inc.
4107 N. Himes Avenue, Tampa, FL 33607
203.202.4549 Cell  l  813.932.4321 Fax
kbrand@TPGhotels.com

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Also See: The Plasencia Group Advises Premier Hotel Corporation on Acquisition of Cabot Lodge Gainesville (FL) / November 2007
The Plasencia Group Arranges Sale of Premier Hilton Hotel in East Cleveland / November 2007
The Plasencia Group Advises on Sale of Hilton Garden Inn Cupertino (CA) / July 2007
The Plasencia Group Retained by Lane Hospitality for Investment Advisory Assignment / May 2007
The Plasencia Group, Inc. Announces New Hotel Debt Placement Division; Stephen Kindl Named Managing Director / November 2006
The Plasencia Group, Inc. Advises MeriStar Hospitality Corporation In the Sale of Seven Florida Assets / February 2006
The Plasencia Group Expands Sun Hospitality Advisors Division With San Francisco Office / January 2006
Plasencia Group, Inc. Offers Aggressive Lodging Investment Roadmap for 2006 / January 2006
The Plasencia Group, Inc. Advises Islandia Associates, LTD in Sale of Hyatt Regency Islandia Hotel / Jnauary 2006
The Plasencia Group, Inc. Advises Thayer Lodging Group on the Sale of Eight Properties to Pyramid Hotel Advisors, LLC Properties Combine Geographic Diversity, Performance and Growth Potential / July 2005
Robert C. O'Leary Named Vice President of the The Plasencia Group's Sun Hospitality Division / March 2005
The Plasencia Group Is Exclusive Marketing Advisor on Sale of Long Beach Hilton / January 2005
The Plasencia Group Appoints Brian K. Rodgers as Senior Associate, Western Region / Aug 2004
The Plasencia Group Appoints Stephen Kindl as Regional Vice President for the Northeast / July 2004
The Plasencia Group Advises on the Sale of the San Jose Wyndham / July 2004
The Plasencia Group Advises on the Sale of the Marriott Irvine, Orange County, California / June 2004
The Plasencia Group Appoints Eric M. Holtze as Director of Financial Analysis / June 2004
The Plasencia Group Launches Sunbelt Hospitality, Led by Robert Wiemer in Houston / March 2004
The Plasencia Group Advises on the Sale of Interest in the Don Cesar Beach Resort / December 2003
The Plasencia Group Advises on the Sale of the Hilton Garden Inn, Ybor City, Tampa / Sept 2003
The Plasencia Group Appoints Jessica L. Corcoran Director of Marketing and Business Development / Aug 2003


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