The Parker Inn is up for sale.
The historic eight-story building next to Proctors is on the market for $1.85 million, with its in-house restaurant and bar, the Alto Grille, available to lease. Owner Chris Myers said he decided several months ago to list the boutique hotel for a number of reasons.
For starters, the once financially beleaguered hotel exited bankruptcy in the fall. Parker Building LLC filed for Chapter 11 bankruptcy the year before in the face of meager cash flows, mounting tax debt and looming foreclosure. Over the next year, it paid its back taxes and began a reorganization plan that eventually landed the hotel a deal with Latham-based Prime Companies to turn 17 of its 23 rooms into corporate apartments. Renovations are complete on 15 of these rooms, with the last two scheduled to wrap up in a few weeks.
“With all that’s gone on downtown, all of the major improvements, we just spent money renovating the building and the economy is getting better — all these things in my mind may help the building sell,” said Myers.
Myers bought the building at 434 State St. in 2001, but struggled from the beginning in getting the hotel operation off to a strong start. The economy was foundering after 9/11, people weren’t traveling, and Myers ended up relying on two Metroplex loans in the first few years to stay afloat.
Built in 1900, the more than 20,000-square-foot Parker Inn has been renovated twice since Myers bought it, most recently getting a $300,000 upgrade to turn most of the rooms into ExecuStay apartments with eat-in kitchens, countertop appliances and on-site laundry facilities.
With no background in the restaurant business, Myers said he has grown tired of running the Alto Grille and mainly listed the hotel in the hopes of finding a new restaurant operator.
“I initially listed the restaurant, hoping to find a new person to lease and run it,” he said Thursday. “At the same time, I decided to put up the hotel for sale, while my broker is out talking to people about the restaurant, and see if we get any bites on it. The restaurant business is a very difficult business. So it’s time for me to get out.”
No one has expressed interest in buying the hotel yet, he said, but several people are eyeing the restaurant lease. The listing broker is CB Richard Ellis in Albany.
“We’ll see what happens,” said Myers. “The lease for the restaurant will stay listed until I find an operator that I’m satisfied with. I’ll let the hotel sit out there for a while, but if the right buyer doesn’t come along I’ll take it off the market and keep running it myself. If it doesn’t sell, it doesn’t sell.”