US: 74 State, a full-service, boutique hotel in downtown Albany, NY, has been bought by an investment group called Albany Lodging Group LLC.
The hotel, whose finances became entangled with investment brokers Timothy McGinn and David Smith, who were sentenced to federal prison in October for defrauding hundreds of investors out of millions of dollars.
The 74-room property will be managed by Visions Hotels on behalf of the new owners, who wished to remain anonymous but include some of the owners of Visions Hotels. General manager Terri DeVoe, will remain in place.
Former owners Ittleson Albany Hotel LLC had foreclosed on the mortgage as a result of the collapse of the investment brokerage firm run by McGinn and Smith.
The property is a nine-storey building which was converted into an upscale hotel in 2007 after an $11 million renovation.