Plasencia Group Advises on Sale of Sagamore Resort
TAMPA, FL, September 23, 2008. 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.
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