New York resort sold for $88 million

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.

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