PURCHASE PRICE IS REPORTEDLY $15.7 MILLION
BREAKING: Fay Hospitality Catskills LLC (AKA "Fay") is inching closer to finalizing its purchase of the historic Villa Roma Resort in Callicoon, according to sources familiar with the transaction.
(An earlier version of this story said that the deal was finalized but a source early Thursday there were still some minor issues that needed to be resolved before they sign the final documents).
Documents provided by attorneys for Fay and submitted to the Sullivan Industrial Development Agency (IDA) in March said the purchase price was $15.7 million - but it could not be determined at press time if that was the final price agreed upon between the parties.
Officials from The Villa Roma and Fay Hospitality Catskills LLC (a Delaware corporation formed in 2021) could not immediately be reached for comment.
As of early Thursday, Fay founder Sandeep Wadhwa has not responded to a LinkedIn message asking about the transaction.
Sandeep Wadhwa, founder of Fay Investment & Asset Management Ltd. (photo rom company website)
But one of the long-time Villa Roma owners, Paul Carlucci, said on this media outlet's Facebook page late Wednesday:
"As of this date, this post is completely untrue. There has not been a sale."
Fay, based in the United Kingdom and in Manhattan, will receive significant benefits from the Sullivan County Industrial Development Agency, under a resolution passed in May by the IDA Board. (See below)
A letter to the IDA from attorney Steve Vegliante (whose firm represents Fay Hospitality Catskills LLC) on March 23, 2022 said:
"This Project is expected to close in the second quarter of 2022. The $5M main hotel and facility the renovations and improvements will commence within six months after closing. The $2.4M of repair and maintenance costs that are expected to stem from post-renovation cash flow, are expected to occur two to three years after closing."
The founder of Fay Investment & Asset Management Ltd., which was founded in 2015, is Sandeep Wadhwa. The SullivanTimes messaged Wadhwa on LinkedIn and via his company email on Wednesday for comment.
On the company website, Wadhwa says:
“Identifying and managing iconic and high potential assets is what we pride ourselves on at Fay. Managing each asset with a high level of precision is at the forefront of growing relationships with our network of investors.”
(This is a developing story)