Operation and Preservation of the Gideon Putnam Hotel

New York State Parks is soliciting proposals for the operation, improvement, maintenance, preservation, and management of the historic Gideon Putnam Hotel & Conference Center in Saratoga Spa State Park in Saratoga Springs, with proposals due December 15, 2026 at 3:00 p.m.

The Gideon Putnam Hotel is a five-story, 124-room Georgian Revival structure built in 1935 and listed on the National Register of Historic Places. The scope encompasses lodging operations, a full-service restaurant and bar, event and conference space, and all facility maintenance. The premises are leased "as is, where is," with the lessee bearing all construction, maintenance, utilities, and operational costs. Operations will commence January 6, 2028, following the expiration of the current concession lease on January 5, 2028. Respondents must demonstrate financial capacity, insurance procurement ability, and bonding capability for performance and capital obligations.

The base lease term is ten years with an option to propose an extended term up to forty years total if the extension directly relates to amortizing capital investment. Early termination at the end of year ten is available only if the lessee has expended a minimum $5 million capital investment and external fiscal conditions demonstrate business unsustainability by year eight. Respondents must include a $15,000 bid security deposit with proposals and meet minimum financial requirements: rent of at least 3.5% of Gross Receipts, a minimum capital investment of $5 million, and an annual repair, refurbishment, and maintenance obligation of 2% of Gross Receipts. Historic preservation standards and rehabilitation tax credits are available for qualifying rehabilitation expenses under the Secretary of the Interior's Standards.

Evaluation will be based on technical merit (maximum 90 points per panelist) and financial return to the State (maximum 30 points), with selection based on the highest combined score from a responsible respondent. The incumbent, Gideon Putnam, LLC, has operated the facility under a twenty-year contract with reported gross receipts ranging from $1.3 million in 2020 (pandemic-impacted) to approximately $8.2 million in 2016; since 2021 the hotel has operated seasonally from April through November. Guided site tours are strongly recommended and may be scheduled with the Assistant Regional Director. A full facility condition assessment and floor plans are available to interested respondents.