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Saratoga is a beautiful town in a beautiful part of upstate NY with lots to see. During the race meet, however, it's expensive to stay there, around $400/night for a hotel room. If that's not an issue for you and your wife, by all means, stay in Saratoga.
Most of us, though, being the degenerate horseplayers we are, opt for hotel rooms in North Albany, which are about half the price. There are several hotels near the airport and a favorite is the Desmond. Sartin folks have been gathering there since the 1980's. From North Albany, it's a short, easy drive up to Saratoga, about 30 minutes via Interstate 87.
As far as shopping and the sights in Saratoga, one of the best people to ask on P&C is gandolf380 (aka Charlie Bedard).
I'm flying in Thursday afternoon, August 15, and flying out Monday, August 19. I expect many of the P&C folks will be doing something similar. If you want to make a real vacation of it, stay longer and plan some day-trips. Lake George is just north of Saratoga. Vermont is less than an hour due east. You'll cross the Mohawk River on the drive north, which is part of the Erie Canal. Lots to see and do.
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