The Metro Spa and Salon in Latham, N.Y., has new owners.
Angela and Robert Horvath, operating under the name Lourdes LLC, recently bought the building and the business from the longtime owner, Arthene Lavalley.
The Horvaths paid $210,000 for the building at 350 Watervliet Shaker Road. The sale closed March 31 and was handled by Howard Carr of The Howard Group.
Financing was provided by KeyBank.
Angela Horvath estimated the value of the business at $500,000. There are 15 hair cutting stations, which Horvath said is considered large for the industry.
Lavalley, who had owned the business for 18 years, continues to cut hair there.
“I used to work here eight years ago,” Angela Horvath said. “This was my field until I started having children. Arthene and I ran into each other last Christmas. She was ready to sell and I was ready to buy.”
Horvath said she invested in a new computer system and will be offering laser hair removal. The spa side of the business has been more impacted by the economy than hair cuts, she said.
The cost of a hair cut for men and women ranges from $45 to $65.
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El Rey,the men’s high-end grooming and wellness spa, will close its doors effective March 31.
El Rey’s owner, Clint Campbell, said the downtown business “is not a viable [one] at this time.”
“I believe in this model and someday I may reopen El Rey with a different approach that will achieve the needed financial viability and the high quality service experience you have grown to expect. We did have something very special,” he said.
The spa, a little over two years old, targeted 35- to 55-year old business executives offering everything from hot-towel shaves and facials to steam rooms and deep tissue massages. Campbell, a former Dell Inc. executive, spent about $1.7 million of his own cash creating and finishing out the Mediterranean-style club at 311 W. Fifth St.
The spa’s site is being offered for sale or lease by the Weitzman Group.
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Grand Union Motel owner selling for $6.
The owner of Grand Union Motel and Crystal Spa in Saratoga Springs NY is looking to sell the South Broadway business, two years after it was purchased.
Yong Brothers Trading Co. placed the 64-room motel and spa on the market Wednesday for $6.8 million.
Yong Brothers have owned the 2.62-acre business at the southern entrance to the city’s downtown, since Jan. 26, 2006. It was purchased from the Benton family for $5.8 million, according to city and county records.
The motel was listed with Coldwell Banker Prime Properties of Cohoes this week, according to agent Saborina Chin, who is handling the property.
The Saratoga Springs hotel and motel market has been a busy place for buyers and developers in the past five years.
A new 124-room Hampton Inn and Suites is scheduled to open this summer on Lake Avenue in the center of downtown.
That opening comes just three years after a 103-room Residence Inn by Marriott opened and four years after a 145-room Courtyard by Marriott was built.
Chin said the Grand Union Motel and Crystal Spa are profitable. She declined to say if competition was a factor in the owner’s decision to sell after just two years in business.
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