O’Connell & Aronowitz Advises on $17.8 Million Sale of Homewood Suites by Hilton Saratoga Springs

O’Connell & Aronowitz is pleased to announce that attorneys Steven G.Thomas, Esq., Graig F. Zappia, Esq., James D. Wighaus and Nicholas M. Cervini, served as counsel in connection with the recent sale of the Homewood Suites by Hilton Saratoga Springs, a 113-room, extended-stay hotel located along South Broadway across from Saratoga Spa State Park.

The transaction marks a significant hospitality investment in the Capital Region and reflects the continued strength of Saratoga Springs as a year-round destination for business and leisure travelers.

A Complex Hospitality Transaction in a Growing Market

On November 18, Maine Course Hospitality Group of Freeport, Maine, acquired the Homewood Suites by Hilton Saratoga Springs from 3368 S. Broadway LLC, a joint venture between DelMonte Hotel Group and XSS Hotels. 

The purchase price for the real estate was approximately $17.8 million, or about $157,200 per key. In addition to the equity component, the transaction involved the assumption of approximately $18.7 million in existing mortgage debt and a new $2 million loan, which were consolidated into a $20 million note at closing. This structure reflects both the strong fundamentals of the Saratoga Springs hospitality market and the sophisticated financing that is often required for high-value hotel assets.

Built in 2017, the four-story all-suite property offers fully equipped in-room kitchens, complimentary breakfast, evening socials, an indoor pool, fitness center, and outdoor amenities, positioning it well for extended-stay guests and seasonal visitors alike.

Maine Course Hospitality’s Strategic Expansion

The Saratoga Springs acquisition represents the latest step in Maine Course Hospitality Group’s expansion throughout the Northeast. With this transaction, the company now owns 27 hotels across the Northeast, North Carolina, and Florida, with a portfolio that includes multiple Hilton and Marriott-branded properties. 

In recent years, Maine Course Hospitality has demonstrated a strong commitment to the Capital Region through additional acquisitions in the Albany market, further reinforcing the region’s appeal to institutional and private hospitality investors. 

Sean Riley, president and CEO of Maine Course Hospitality Group, has emphasized the company’s focus on quality properties in strong, community-oriented markets and its intention to be a long-term participant in Saratoga Springs’ growth. 

O’Connell & Aronowitz’s Role

The O’Connell & Aronowitz team, Steven G.Thomas, Graig F. Zappia, James D. Wighaus and Nicholas M. Cervini, advised on multiple aspects of the transaction. Their work included:

• Structuring and negotiating the purchase and sale agreement for the hotel real estate and related assets
• Coordinating due diligence across title, survey, zoning, environmental, and franchise matters
• Assisting with franchise and brand considerations associated with a Hilton-flagged, extended-stay property
• Advising on the assumption and consolidation of existing mortgage debt and new loan proceeds into a single note
• Managing a multi-party closing that aligned the interests of the seller, buyer, lenders, and brand stakeholders

The matter drew upon the firm’s depth in commercial real estate, hospitality, and finance, and showcased the collaborative capabilities of O’Connell & Aronowitz attorneys working across practice areas.

Supporting Growth Along South Broadway

The Homewood Suites by Hilton Saratoga Springs sits along a stretch of South Broadway that has experienced notable investment and development activity in recent years, leveraging its proximity to Saratoga Spa State Park, downtown Saratoga Springs, and the Saratoga Race Course.

As Saratoga Springs continues to attract visitors for its tourism, culture, and higher-education institutions, high-quality hospitality assets like Homewood Suites play an important role in meeting demand and supporting local economic growth. Maine Course Hospitality’s planned renovations, including updates to interior finishes and common areas, are expected to further enhance the guest experience and maintain the property’s competitive position in the market. 

A Century of Service in Real Estate and Hospitality

For nearly 100 years, O’Connell & Aronowitz has advised clients on complex real estate matters across the Capital Region and New York State, including hotel and hospitality projects, mixed-use developments, office, industrial, and multi-family assets. The Homewood Suites transaction reflects the firm’s ongoing commitment to delivering practical, business-focused counsel in high-value, time-sensitive transactions.

Attorneys Thomas, Zappia, Wighaus, and Cervini continue to represent owners, developers, investors, and lenders in acquisitions, dispositions, financings, and development projects throughout the region.

Learn More

For more information about O’Connell & Aronowitz’s real estate and hospitality capabilities, or to discuss an upcoming project or transaction, please contact:

• Steven G. Thomas, Esq.
• Graig F. Zappia, Esq.
• James D. Wighaus
• Nicholas M. Cervini

O’Connell & Aronowitz is proud to support the continued growth of Saratoga Springs and the broader Capital Region through sophisticated legal counsel grounded in service, integrity, and community.