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In the News
We gather industry articles from around the region and post them on this page. As you’ll see, the articles are written by well-known reporters who are quite familiar with real estate in Upstate New York and offer their insite about the property, the location, and what it means to the local communities.
21
Jun 21
Albany Business Review – June 18, 2021
Lake George Suites resort in Diamond Point sells for $3.2 million
By Robin K. Cooper – Reporter, Albany Business Review Jun 18, 2021, 8:46am EDT
The owner of a Long Island air conditioner and pump manufacturing company has purchased a Lake George resort with suites, a six-bedroom home and 20 boat slips for $3.2 million.
R.E. Hansen Industries Inc. bought the 1.3-acre Lake George Suites in the hamlet of Diamond Point, about 4 miles north of Lake George village.
The buyer, Robert Hansen, an avid boater and the owner of Islandaire in St. James, purchased the resort from Lake George Suites LLC, a company that at one time was owned by Rochester real estate developer Robert Morgan.
The sale was brokered by Mitch Muroff of Muroff Hospitality Group. The transaction closed June 15.
“It was a quick deal that attracted multiple offers,” Muroff said.
The seller asked Muroff six months ago to market the property confidentially instead of advertising through the multiple listing service or through national platforms. He identified Hansen as a potential buyer after Hansen expressed interest in previous Muroff Hospitality listings.
Lake George Suites is located at 3678 Lake Shore Drive next to Brodie’s Lakeside Marina, across from Canoe Island and Long Island.
The property includes 25 one- and two-bedroom suites, a 5,000-square-foot house, Jacuzzi suites, three large two-bedroom suites, a swimming pool and a two-bedroom cottage.
A full-time manager who previously oversaw the property will continue in the same position under the new ownership, Muroff said.
It is the second Lake George resort sale in the past week. The owners of Fort William Henry Hotel and Conference Center sold the Lake George Best Western Hotel near Exit 21 off the Interstate 87 Northway on June 11. That property was purchased by a separate group of Long Island businessmen for $4.6 million.
Lake George Suites is located a quarter mile from the 2.8-acre Adirondack Diamond Point Lodge, which was acquired by Todd Drake of CornerStone Building Corp. in Watervliet for $900,000 on April 15.
“The Lake George Market is hot right now,” Muroff said. “I think this is going to be the best season they have ever had. From what I am hearing, reservations are at an all-time high.”
Muroff has another Lake George resort listing under contract and he anticipates that sale could close later this year.
Hansen, the new Lake George Suites owner, was not immediately available for comment.
19
Dec 20
Albany Business Review – December 15, 2020
Belvedere Inn sold in Rotterdam
By Michael DeMasi – Reporter, Albany Business Review Dec 15, 2020
The Belvedere Inn, a 31-room boutique hotel in Rotterdam, sold for $1.72 million to two brothers who own hotels in New England.
Jimit Patel and Krunal Patel bought the property at 1926 Curry Road from the Mallozzi family, according to Mitch Muroff of Muroff Hospitality Group in Newton, Massachusetts.
Muroff represented the buyers and sellers in the deal.
The Mallozzi family opened the hotel in 2002 next to what was then their popular banquet facility. They closed the banquet hall in 2019 and the building was converted into Eddy SeniorCare, part of St. Peter’s Health Partners.
The Mallozzis continue to run a restaurant and catering business in Schenectady.
The Belvedere Inn is about three miles from downtown Schenectady, Proctors, Union College and the General Electric campus in Schenectady.
The Patels own an independent hotel in New Hampshire and a Days Inn in Augusta, Maine, according to Muroff.
Jimit Patel referred questions to his brother, Krunal, who couldn’t be reached for comment.
19
Dec 20
Glens Falls Business Journal – December 11, 2020
Dagget Lake And Campgrounds Sells For $2.8 Million, New Owners To Keep Existing Use
Courtesy Dagget Lake Campsites
by Andrea Harwood Palmer
Dagget Lake Campsites and Cottages in the town of Thurman has been sold. Mitch Muroff of Muroff Hospitality Group said owners Tom Near and Pamela Finnegan sold the property at 660 Glen Athol Road in Thurman for $2.8 million. “They owned it for 25 years. Tom wanted to spend more time in Florida, and he ran the campsite day-to-day. It was time,” said Muroff. Terry Crikelair of Adirondack Preserve LLC purchased the property. The sale closed on Nov. 18. Muroff represented the buyer and secured the seller. Muroff said the owners wanted to sell the property to the Adirondack Preserve so it would continue as a campground. “There were other offers (from) people who wanted to close the campground and keep the property as a private residential estate or family compound,” he said. “It’s a very safe, friendly, well-run property with very little turnover. Many of the people who stay there have been doing so for 20 or 25 years. It has that family environment feel to it. Tom was especially concerned with wanting that to continue. Those people were like family to him,” said Muroff.
The roughly 75 campsites will open in the spring when camping season begins. “The property itself is one of the most magnificent sites anywhere. It’s unusual because it’s a 400-acre property that includes a 110-acre lake, all within the property lines. Frankly, I looked for comparables all over the country and never found one that had a completely self-contained lake of that size,” said Muroff.
The property includes two homes, cabins, cottages and RV sites. The previous owner ran a water skiing school on the lake. Muroff Hospitality Group is a boutique hospitality firm based in Massachusetts that brokers the sale of hotels, motels, resorts and campgrounds. “I’ve been a hospitality realtor for the past 8 years. Our focus is on the Adirondacks. We sell more hotels on Lake George than anywhere else,” said Muroff.
15
Dec 20
Times Union – December 14, 2020
The Belvedere Inn sold, owners’ catering business to continue
Claire Bryan Dec. 14, 2020, Updated: Dec. 14, 2020 5:25 p.m.
SCHENECTADY—The Belvedere Inn, a 31-room boutique hotel, sold for $1,725,000 on Friday.
The Mallozzi family opened the hotel, which is located on Curry Road 15 minutes from downtown Schenectady, in 2002. They decided to sell it to focus on their catering and restaurant business. The Mallozzi Group, the family’s restaurant business, owns Villa Italia, Johnny’s, and Rivers Casino food services at the Rivers Casino and Resort.
The hotel closed for a couple of months at the start of the pandemic but reopened in June, said Mitchell Muroff, the owner of the hospitality group that represented the seller and secured the buyer for the sale.
“It is open and doing nicely,” Muroff said. “I have every confidence that it will continue to prosper.”
The new owners, Jimit Patel and Krunal Patel, are experienced hoteliers who own a hotel in New Hampshire and one in Maine. “They have plans to upgrade some of the finishes in the hotel to make it even more lovely,” Muroff said.
9
Dec 20
Albany Business Review, Dec 6, 2020
Former Colonial Manor resort hits the market for just under $3 million
By Robin K. Cooper – Reporter, Albany Business Review Dec 6, 2020, 7:50pm EST
Colonial Manor, a former resort overlooking the Catskill Mountains that for decades served as a summer retreat for families looking to escape life in New Jersey and New York City, is on the market for $2.99 million.
Goldstar Trust Co. of Amarillo, Texas, has listed the 64-plus-acre property in Westerlo, in southern Albany County, with Mitch Muroff Hospitality Group.
Goldstar took possession of the property at 203 county Route 405 after the previous owner, Heavenly Vision Christian Center of The Bronx, ran into financial problems and filed for Chapter 11 bankruptcy protection. The transfer was part of a court-approved settlement.
Broker Mitch Muroff listed the property for sale this month and already has received interest from a group in New York City that is searching for property for a school.
“There is a lot of history on that property between the hotel and resort and the religious organizations that have owned it,” Muroff said.
Susan May and her three sisters were still in school when their parents, Kurt and Irene Kent, bought the Colonial Manor in 1974.
The family ran the property as a seasonal resort for 15 years, hosting softball tournaments against other resorts. Colonial Manor was a place for reading, tennis, swimming and shuffle board tournaments. During its peak season, the resort staff would serve turkey dinners, meatloaf, mashed potatoes, salad and pies to as many as 125 or 150 guests who paid less than $135 a week per room.
The Kent family sold the property in 1989 and took it back over about three years later after the buyers fell behind on the mortgage. The family sold again and at least two religious groups have operated the property as a summer retreat over the past 25 years. The property was last occupied about six months ago.
May and her sisters toured the former Colonial Manor property this month. It was the first time in decades they had visited the property.
The resort includes a complex of nine buildings with a swimming pool, main lodge, an annex, a one-story motel, a barn and a pond. Currently, there are about 50 guests rooms on the property. At one time the number was more than 70.
Muroff will market the site through LoopNet and several national websites.
“There is a tremendous amount of activity in the seasonal hospitality market right now,” Muroff said.
Last month, he brokered the sale of the 400-acre Daggett Lake Campsite and Cottages in the Adirondack Mountains town of Thurman. That property was purchased by a Connecticut investment adviser for $2.8 million in cash.
6
Dec 20
Albany Business Review – November 20, 2020
Daggett Lake Campsite and Cottages Sells for $2.8 million
By Robin K. Cooper
Reporter, Albany Business Review Nov 20, 2020, 9:04am EST
Terry Crikelair and Adirondack Preserve LLC have purchased the 400-acre Daggett Lake Campsite and Cottages near Warrensburg for $2.8 million in cash.
Broker Mitch Muroff of Muroff Hospitality Group represented sellers Tom Near and Pamela Finnegan of Daggett Lake Campsites Inc. The transaction closed Nov. 18 in Glens Falls.
The buyer is an investment adviser whose family has property on Friends Lake less than 10 miles from Daggett Lake.
The campground was built and developed by Merlin Hathaway four decades ago and had been owned by Near and Finnegan since 1995. The property includes a private 110-acre lake, approximately 70 seasonal sites for campers and recreational vehicles, a half-dozen cabins and transient campsites.
A waterski school has operated on Daggett Lake for 25 years. There also are two homes on the property.
“You can find plenty of properties with a 20- or 30-acre lake, you don’t find too many with a 110-acre lake,” said broker Mitch Muroff.
Multiple interested buyers looked at the property as a potential family compound but the sellers wanted to pass the property on to a buyer who would continue to run Daggett Lake as a campground, Muroff said.
Crikelair plans to continue operating the property as a seasonal campground and intends to live there for part of the year.
Crikelair was not immediately available for comment.
The property is located at 660 Glen Athol Road in the town of Thurman. It is less than a 15-minute drive from the village of Lake George.
“I think very strongly that hospitality property in the drive-to markets will continue to do well,” Muroff said.
Hotels, motels and other businesses in places like Lake George and Lake Placid and other Adirondack resort areas have fared better than large urban big box hotels, Muroff said.
With the Covid-19 pandemic, it is going to take a while for large hotels in Boston, New York City and San Francisco to see a comeback for properties with 1,000 rooms and large meeting and wedding spaces, he said.
Muroff has been working in commercial real estate for 30 years, including eight years focusing part of his practice in the Adirondacks.
18
Dec 19
Albany Business Review – December 9, 2019
Copperfield Inn acquired by New York City investor
PHOTO COURTESY OF MUROFF-DAIGLE HOSPITALITY GROUP
NORTH CREEK – The Copperfield Inn Resort near the Gore Mountain ski area in North Creek has been acquired by former New York City catering hall and restaurant operator Diana Espalza.
The 31-room Adirondacks lodge and two restaurants were purchased for $1 million almost six months after the sellers rejected a $1.41 million offer that came through an online auction.
The sellers, Michael Ellis and Copperfield Resorts LLC, were represented by Mitch Muroff, principal of Mitch Muroff Hospitality Group.
Espalza, who lives in Queens, spent 15 years operating a restaurant, bar and catering business in New York City. She has worked in accounting for the past 10 years and started searching for a hotel that she could purchase about a year ago.
Espalza was among the half-dozen active bidders in an online auction hosted by Ten-X Commercial in June. Muroff spoke to several of the bidders after the auction and closed the all-cash sale of the Copperfield Inn property last week.
“It was difficult to identify somebody who has a background running a hotel and food and beverage,” Muroff said.
It took him about a year to sell the property after picking up the listing.
Espalza, who grew up in Colombia and moved to the United States 30 years ago, said running a hotel has been a lifelong goal.
She plans to change the name of the 2.33-acre Adirondack’s resort property to Phoenix Inn Resort. The property will be operated year-round, hosting holiday events and parties, weddings and corporate gatherings.
Espalza expects to host at least 10 weddings during her first year. She also wants to organize events featuring Hispanic food and music, and the restaurants will focus heavily on appealing to local residents and skiers.
The resort is located in North Creek, a hamlet in the town of Johnsburg, a little more than 3 miles from Gore Mountain Ski Resort, which attracts more than 230,000 skiers a year. The property includes a health and fitness center, saunas and a 2,500-square-foot ballroom that can accommodate a banquet for 200 guests.
Espalza is planning several upgrades over the next year that will include renovating the front desk and swimming pool, replacing beds and creating more outdoor areas for weddings and parties.
Ellis and his partners bought the Copperfield for $1.5 million in December 2008. They decided to list the property because he was ready to retire.
18
Dec 19
The Post Star – December 9, 2019
Copperfield Inn in North Creek sold for $1 million; Business to be renamed
The Copperfield Inn as seen in this undated photo. The North Creek business was purchased by Diana Espalza of New York City for $1 million.
NORTH CREEK — The Copperfield Inn Resort, a mainstay of the North Country, has been sold for $1 million to a New York City catering hall and restaurant owner.
Diana Espalza purchased the 2.33-acre property at 307 Main St.
Mitch Muroff, of Mitch Muroff Hospitality Group handled the sale, which was completed Friday.
Muroff said Espalza, who is originally from Colombia, was looking for a small hotel to purchase.
He said she plans to change the name of the property to the Phoenix Inn Resort, renovate the 31 guest rooms with new beds and furniture and reopen the two restaurants on the property.
There is a large ballroom and Espalza plans to expand its use, according to Muroff.
“Diana intends to reach out to the community to bring them back to the space for conferences, weddings, birthday parties, social events. She is bringing in a new chef,” she said.
Muroff said the property is a nice asset and minutes from Gore Mountain.
“It’s the nicest hotel in the area,” he said.
Muroff also represented the seller, Copperfield Inn Resorts LLC, who he said was looking to retire.
The Mitch Muroff Hospitality Group, of Newton, Massachusetts, is a boutique hospitality brokerage firm that represents properties in the New York and New England region, according to a news release.
The Copperfield Inn Resort was purchased in 2009 for $1.5 million by Copperfield Inn Resorts LLC, an investment firm headed by Michael Ellis of New York and North Creek and Joel Beaudin of North River, according to a Post-Star article.
They previous owners updated the décor to have a more Adirondacks theme, expanded Trapper’s Tavern and renamed one of the other restaurants as Lorenzo’s, according to Post-Star archives.
7
Aug 19
Observer-Dispatch, September 27, 2019
North Utica hotel sold for $935K
UTICA — The Econolodge, a limited-service hotel, was sold for $935,000 on Monday, according to an announcement from the Mitch Muroff Hospitality Group.
The hotel, located at 309 N. Genesee St. in Utica, was sold by S&A Management Inc. to Hisahasumaja LLC., which owns similar area properties. Mitch Muroff of Mitch Muroff Hospitality group represented S&A.
The Econolodge has recently joined the Choice Franchise System and has been renovated. The hotel has 40 guestrooms, business center, free Wi-Fi and a complimentary breakfast area. It can be accessed off of Exit 31 on the Thruway.
24
Jun 19
Albany Business Journal – June 17, 2019
Owners to auction Adirondacks inn and restaurants
Broker Mitch Muroff has received inquiries from potential bidders from as far away as California, Chicago, Florida, New Jersey, New York, Washington and the United Kingdom.
For more information and a property slideshow, click here.
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