Real Estate 20 Under 40

Cambridge Hotel may soon have new owner

2012-12-19T16:37:00Z Cambridge Hotel may soon have new ownerBILL TOSCANO -- btoscano@poststar.com Glens Falls Post-Star
December 19, 2012 4:37 pm  • 

CAMBRIDGE -- The president of an Albany-based consulting firm, which also owns two local adult homes, said Wednesday his company is trying to purchase the historic Cambridge Hotel.

“Everything is moving along very nicely,” said George Scala, president of I.C.C. Consulting Corp., an Albany-based company that, in his words, “provides consulting and management services to the senior living field.”

Scala said I.C,C, signed a contract in mid-November with Glens Falls National Bank to buy the 127-year-old building, with a 90-day window to complete the sale.

Bank spokeswoman Blake Jones said Wednesday the bank had no comment on any contract involving the building.

The bank has owned the hotel since June, when it bid $299,000 at a foreclosure auction. Glens Falls National had foreclosed on the building after its owners fell $486,000 behind on payments.

Former hotel manager Shea Imhof and others bought the hotel in 2007.

Scala, whose company has owned the Cambridge Guest Home and the Schuylerville Guest Home since 2009, said he is not sure what the company will do with the hotel if the purchase goes through.

“We’re considering a variety of different uses for the site and would prefer not to discuss what the plans are,” Scala said. “There’s a possibility that we would keep it as it is.”

I.C.C. bought the Cambridge and Schuylerville guest homes after their previous owner, Woodcock Estates, declared bankruptcy.

Scala said I.C.C. is in the process of “doing our due diligence and arranging financing” for the Cambridge Hotel purchase.

“We’ve owned the Cambridge Guest Home since 2009, and I have been up there a good deal, so I know the area well,” Scala said.

Scala said I.C.C. is involved with advising and consulting with more than 100 facilities across the state but is actively managing only five or six. The company did not bid on Pleasant Valley Infirmary or the other Washington County public health services when they were on the market earlier this year.

“We were aware of it, but we were not involved,” Scala said.

The hotel is assessed at the $486,000 figure, but in a Post-Star interview in June, Imhof noted it had previously been assessed for more than $1 million.

Scala would not discuss the purchase price. He said his company has been working with local zoning officials and has had its own inspectors check over the structure.

“Certainly, whichever use we choose will be a benefit to the community of Cambridge.”

It has been a hectic year for the hotel. In January, chef Gordon Ramsey brought his program “Hotel Hell” to Cambridge in an attempt to help the owners resuscitate the business. The makeover, which was later aired on television, did not help, and the hotel closed in June after Glens Falls National Bank made the only bid at a foreclosure auction.

A group of seven people, including several members of the Imhof family, purchased the hotel from the bank for $565,000 in 2007. The bank had foreclosed on the previous owners, a group of 130 local residents who purchased the hotel in 1999.

The hotel was built in 1885, after the Delaware & Hudson Railroad began stopping at the nearby train station on its route from Albany to Rutland, Vt.

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