Gulph Creek Hotels has completed the property improvement plan and additional renovations to the Hilton Garden Inn in Saratoga Springs, N.Y. The company acquired the hotel in winter 2020.
Because of a slow start immediately following the acquisition due to the pandemic and delivery delays in advance of the horse racing season, Gulph Creek limited the scope of the 2020 renovations to paving, site cleanup and the replacement of the water sculpture on the property.
Later in 2021 and into early this year, Gulph Creek completed a full lobby renovation including the addition of a full-service bar, market and breakfast area, and the complete replacement of lobby furniture, fixtures and equipment. The corridors, guestroom bathrooms and the fitness room also were renovated.
To better align the hotel with the adjacent 2,400-acre Saratoga Spa State Park, Gulph Creek partnered with the Saratoga Performing Arts Center, which is within walking distance from the hotel, as its marquis host hotel for concerts and cultural events.
Fiscally, Gulph Creek Hotels' strategy with the Saratoga property is to drive revenue and control costs to maintain a breakeven operation from November through March while maximizing revenue and profitability during shoulder and peak seasons. To date, despite the early COVID and operating challenges during renovation, the company achieved 15 to 20 percent annual cash-on-cash returns to its investors, and is forecasting a return in the mid-20s for 2022.