News for the Hospitality Executive
Affiliate of Ocean Properties Ltd. Acquires the 330 room
on Lake George, Bolton Landing, New York
Portsmouth, NH - September 17, 2008 - SAGBOLT L.L.C., owned by the Walsh Family who own and operate more than 100 hotels across North America, closed yesterday on the purchase of The Sagamore Resort from Green Island Associates, Sagamore owner since 1985. The 70-acre resort which is considered the centerpiece of Lake George encompasses a 330-room historic hotel (built in 1883), condominiums and a golf course.
The Walsh Family brings four decades of experience and success in hotel development and operations to the company. One of the largest independent, privately owned hotel management companies in North America, it specializes in turning around non-performing resort properties in order to make them profitable long-term investments. The company recently completed a $30 million restoration of Wentworth By the Sea Hotel & Spa in New Castle, New Hampshire, another historic hotel that spent many years trying to find a savior after falling on hard times. The Wentworth is now a leading contributor to the economy of the seacoast of New Hampshire and was recognized in January for its “authentic sense of place” on the inaugural National Geographic Traveler “Stay List of Hotels.” The company has also restored the historic Bar Harbor Club and significantly upgraded the adjacent Harborside Hotel & Marina in Bar Harbor, Maine; and is in the process of a complete overhaul of the four-diamond Samoset Resort on the ocean in Rockland, Maine.
"We are pleased to add the historic Sagamore Resort to our collection
of distinctive properties,” said Tom Varley, Vice President Operations
in making the announcement. “Like Wentworth By the Sea Hotel & Spa,
the Samoset Resort, the Harborside Hotel & Marina/Bar Harbor Club,
Chateau Champlain Montreal, The Lake Louise Inn, Alberta and The Deerhurst
Resort, Ontario, The Sagamore is an authentic jewel of a hotel, with
a great sense of place. It has stood as a storied part of the Adirondacks
experience for more than a century and our goal is to polish that past
to ensure that The Sagamore can be enjoyed by many more generations to
come. The Sagamore's future will be assured when we take the steps needed
to preserve the past while meeting the needs of the 21st century. We are
proud to step up to the opportunity and appreciate the good reputation
the staff has built over the years.”
Ocean Properties Ltd.
Established in 1950 by Tom Walsh, Ocean Properties Ltd. began as a family business with one hotel in Maine. Today, with corporate headquarters in Delray Beach, Florida; Portsmouth, New Hampshire; and Montreal and Toronto, Canada; Ocean Properties, Ltd. Hotels & Resorts is one of the largest, privately-held hotel operating and development companies in the United States. Ocean Properties operates over 100 hotels and 19,000 rooms across the US and Canada, primarily under the AmeriSuites, Hilton, Holiday Inn, Marriott, and Sheraton brands. In addition to managing its own investments, Ocean Properties and its affiliates operate hotels, restaurants, golf courses and other real estate for several third-party investors and lenders. Ocean Properties also owns Atlific Hotels and Resorts, the largest independent hotel management company in Canada. For more information, visit www.oplhotels.com.
|Also See:||Owners of the Posh Sagamore on Lake George, Bolton Landing, New York Pursuing Possible Sale of 350 room Resort to Ocean Properties Ltd.; Resort Has Struggled with Heavy Debt / August 2008|
|Joseph Klein Appointed General Manager at Deerhurst Resort, Muskoka, Ontario / October 2005|
|Ocean Hospitalities, Inc Acquires Historic Samoset Resort in Rockport, Maine / Feb 1999|