Schenectady, N.Y. — Renovations will begin today to turn 17 of the 23 rooms at the Parker Inn in downtown Schenectady into ExecuStay corporate apartments.
“This new arrangement with ExecuStay and Prime Companies gives the Parker Inn what it has needed — an affiliation with a national brand, a national reservation system and a great local partner, Prime Companies,” said Chris Myers, owner of the Parker Inn.
Dean Devito from Prime Properties said, “With the recent expansions at GE and other tech growth in the region, we are seeing a major increase in demand for corporate apartments. ExecuStay is the leader in this field and we are pleased to bring this upscale corporate brand to downtown Schenectady.”
The newly upgraded corporate apartments will be operated by Albany Corporate Housing LLC, part of Prime Companies based in Latham, NY. Albany Corporate Housing has the exclusive rights to offer Oakwood ExecuStay Corporate Apartments in the Capital Region and already operates more than 50 ExecuStay units in the area. Oakwood recently purchased ExecuStay from Marriott Hotels. Guests will continue to earn Marriott Rewards points for their room stays.
Prime Companies will invest over $300,000 to convert the 17 rooms into furnished corporate apartments. The remaining six hotel rooms will also be upgraded and will continue to be available for short-term rentals. The restaurant and bar on the first floor adjacent to the Proctors Arcade will remain open.
Prime Companies was started by Ken Raymond in the early 1980s as a portfolio of real estate companies. In 1994, Dean Devito joined Prime Companies and now serves as a principal and managing partner for many of Prime Companies’ real estate ventures, including Albany Corporate Housing, LLC. Their current portfolio includes hotel and apartment ownership, residential and commercial brokerage and real estate services, property management and development, and real estate asset management.
The Parker Building LLC expects to exit Chapter 11 bankruptcy within 30 days. As part of the reorganization plan, all back taxes have been brought up to date resulting in a payment of almost $200,000 to the City of Schenectady.
Since renovations to the long-vacant downtown building were completed in 2002, the hotel has generated more than $500,000 in local tax revenue.
Ray Gillen, Metroplex Chair said, “We welcome this investment by Prime Companies in the Parker Inn and new corporate apartments will be a great addition to downtown.”
For more information, see www.primecompanies.com, www.parkerinn.com and www.execustay.com or call 855-260-1210.