Michael DeMasi, reporter for the Albany Business Review, attended the meeting of the Hudson Industrial Development Agency (IDA) on Zoom last week. Very likely he was there researching this story, which appeared online this morning: "Owner of The Wick in Hudson reviewing contract to sell the hotel."
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| Photo: Donna Abbott-Vlahos | Albany Business Review |
Although The Wick has performed well, Rossi said Redburn started considering putting it up for sale because of the property improvement plan, or PIP, required under the franchise agreement.
PIPs are common in the hotel industry to fulfill current brand standards and generally happen every six to ten years. They typically cost $20,000 to $30,000 per room, Rossi said.
"Everybody expects that," Rossi said. "You have your PIP coming up, and have to look long term what you're going to do with the property."
Meanwhile, according to the article, Redburn is "finalizing the terms of a proposed contract to sell the 55-room boutique hotel."
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If I were they, i would redesign the restaurant and bar area. Someone with no design experience made the chairs and tables out of scale, and did so with the bar also. It is just uncomfortable and strange.
ReplyDeletethe rooms however look pretty "cool" and modern.
It is a bit of a mixed up space, but it seems to work and the electric car around town was a good surprise.