WEST CARTHAGE The Pleasant Night Inn, which opened three years ago and ended up in foreclosure in November, has been taken over by a Rochester couple.
Keni U. and Twinkle K. Patel, along with partner North Country Lodging LLC, purchased the hotel, 30 N. Broad St., on May 20 for an undisclosed amount.
The couple has started managing the hotel, letting go of several staff members and retaining only three employees.
Mr. Patel has worked as the director of purchasing for Visions Hotels for the past six years. He said he decided to make the leap to own and operate his own hotel while still working for the hotel management company.
The property is in great condition and located in a nice area, Mr. Patel said.
Its close to Watertown and Fort Drum. Its the right size, a good fit and the right amount of money for what we want to do.
The new owners plan to keep the hotels amenities, which include a conference room and in-house masseuse, and build on the family-oriented atmosphere.
Theres a lot of room out back ... we may add a gazebo, Mr. Patel said.
He said he also hopes to increase the hotels use for functions.
As long as the facility is viable as an independent hotel, Mr. Patel said, he plans to keep it that way. If not, he will look into reflagging the hotel as part of a chain, such as Best Western or Choice Hotels.
I love it here so far, Mr. Patel said. Its really good the local people are extremely nice. I see ourselves fitting in.
The two-story, 40-room hotel was opened in May 2010 by Jeffrey S. Shambo, Brantingham.
The property fell into foreclosure in November 2012 and was auctioned off by Community Bank N.A., DeWitt. The bank placed the lone bid at $1,328,000.
Liens against the property totaling $525,000 were released following the purchase by Community Bank, which meant the Patels were able to acquire the property with no debt.
Loans administered through the Development Authority of the North Country included $125,000 from the North Country Alliance, $250,000 from the Jefferson County Industrial Development Agency and $150,000 from the Economic Development Corporation of Carthage to help fund the hotels $3.4 million construction.
Michelle L. Capone, DANC director of regional development, said the agency settled for cents on the dollar on hotel furniture and fixtures used as collateral on the loan for the hotel to be sold at auction.
When Community Bank was the high bidder we wrote off the loan, but the community has a good asset, Ms. Capone said.
We go into this type of loan assuming some risk, she said. We received some settlement and are happy to have a nice facility and hope the new owners have success.