SARATOGA SPRINGS — The Albany Business Review and Fun in Saratoga blogger Dan De Federicis recently reported the historic Adelphi Hotel at 361/365 Broadway is up for sale for $4.5 million. Owner Sheila Parkert and her husband purchased the abandoned dilapidated hotel in the 70s for $100,000 with the long-term plan to renovate the building.

Five years ago, Parkert put the Adelphi up for sale at $10 million. Three years ago, the price dropped to $7.79 million. It might be worth more than the current asking price, but in the tough economic climate and real estate market it appears Parkert is willing to compromise. As of Saturday afternoon, she couldn’t be reach for further comment.

The Adelphi is one of Saratoga Springs’ oldest and most historic hotels, serving visitors since 1877. You can read the real estate listing here.