Sagamore Resort in Bolton Landing, N.Y., has been sold to a company that owns more than 100 hotels across the U.S.
Sagbolt LLC, an affiliate of Ocean Properties Ltd. Hotels & Resorts, purchased the property for $88 million from Green Island Associates.
Ocean Properties is headquartered in Delray Beach, Fla., and Portsmouth, N.H.
Green Island’s principals had owned the 70-acre resort on Lake George in the Adirondack Mountains for 25 years.
Built in 1883, the resort features a hotel, condominiums, an 18-hole Donald Ross-designed golf course, conference facilities, a marina, sailing school, spa, and food and beverage outlets. Green Island Associates oversaw a $75 million renovation project after it first acquired the resort in 1983 and invested another $20 million in upgrades in 2002.