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The 101-year-old Olean Central Hotel, once the overnight home of Pennsylvania railroad train crews, has a new owner but an uncertain future as a lodging enterprise.

F. Jeffrey Simms, a local businessman, Tuesday announced the purchase of the three-story complex at 312-4 N. Union St., next to the formerly busy Pennsylvania passenger station, from Raymond G. Sader,

Occupants of the five upstairs apartments and 40 guest rooms have been notified to vacate. But Simms Tuesday told operators of businesses that occupy five ground-floor store fronts that they would not be required to move.

Simms said that he has not decided on future use of the second and third floors. The hotel's food service facilities have been shut down for more than 20 years and the bar, also on the ground floor, has been without a liquor license since 1987.

Simms, who operates Cole's Interiors Inc., a fine furniture and carpet retail business at 233 N. Union St., declined to divulge the purchase price.

Excluded from the transaction is an attached building on East Sullivan Street that houses a coin laundry operated by the Sader family.

Originally called the Central Hotel, the establishment was renamed the New Central Hotel after an extensive remodeling program in the early 1930s. At that time, the bankrupt property was acquired by a combination of four local contractors who formed the Olean Central Hotel Inc. Sader's father, the late George W. Sader, bought the building and business from their heirs in 1959.

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