August 17, 2022

Community Court Motel in downtown Saratoga Springs acquired by California investor – Albany Business Review

Attorney James Doyle has sold the Community Court motels/" 1376 target="_blank">Motel on Broadway in downtown Saratoga Springs to investor Paresh Patel of Oakland, California.

Doyle sold the motels/" 1376 target="_blank">motel for $3.6 million less than two years after purchasing the property for $2.6 million from Kevin McGrath of St. Petersburg, Florida, in the early months of the Covid-19 pandemic.

Patel acquired the 42-room Community Court, adjacent to the Holiday Inn Saratoga Springs and Congress Park, as a potential growth opportunity as he and his family prepare to move to the area from California.

The transaction closed July 27 and details of the deal became public after a deed was recorded Aug. 1 with the Saratoga County clerk’s office. Patel acquired the property through a holding company called Saratoga Springs 24 LLC.

Patel first visited Saratoga Springs during a family vacation in Lake George.

“We ended up making a late-night stop in Saratoga and decided to stay there,” Patel said. “It started with one night, then two nights. We ended up exploring and we really like the area.”

Patel, whose background is in software and technology related to hospitality, sees Community Court as an opportunity to reinvigorate what he believes is an underutilized property.

“It is such a good location. I don’t haven any plans at this point of what the future will look like,” Patel said. “I will see if I survive for the first few years and if I was right about this town. … If we survive, we will start thinking about how we can bring new life to the building.”

Over the past year, Patel has made at least 10 visits to Saratoga Springs, talking with city officials and the investors who purchased and renovated the Brentwood motels/" 1376 target="_blank">Motel on Nelson Avenue near Saratoga Race Course, and the owners who transformed the former Saratoga Downtowner motel on Broadway into the Bluebird Spa City Motor Lodge.

Part of Patel’s decision to invest in Saratoga Springs was driven by how helpful everyone was while he was completing his due diligence on the property.

The Community Court is located at 248 Broadway across the street from Saratoga Central Catholic School and a few hundred feet from the six-story, $25 million-plus corporate headquarters and restaurant building that self-storage giant Prime Group Holdings is building.

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