Our brokerage firm and our properties…
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.
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.
8
Sep 18
Northeast Real Estate Business, July 26, 2018
Mitch Muroff Brokers $7.3M Sale of Wingate by Wyndham – Lake George |
|
The Wingate by Wyndham – Lake George in Lake George
LAKE GEORGE, N.Y. — Mitch Muroff Hospitality Group has brokered the sale of The Wingate by Wyndham – Lake George in Lake George. HELI IP LLC acquired the hotel for $7.3 million from seller Adirondack Lodging LLC.
The Wingate opened in 2007 and includes 96 updated guestrooms and suites as well as an indoor and outdoor pool and fitness facility. Mitch Muroff of Mitch Muroff Hospitality Group represented the seller in the transaction. |
8
Sep 18
Saratoga Business Journal, April 5, 2018
Landmark Motor Inn, South Glens Falls, Sold By Naja Family After 43 Years In Business
Courtesy Mitch Muroff Hospitality Group
The Landmark Motor Inn, 1418 Saratoga Road in South Glens Falls, has sold for $3.67 milllion, according to the Mitch Muroff Hospitality Group, which brokered the transaction with Vanguard-Fine.
The seller was John Naja of Landmark Motor Lodge Corp. and the buyer was Nadeem Lodging Corp., which previously owned the Red Roof Inn in Albany.
The landmark Motor Inn was owned by thee Naja family for more than 43 years, according to the Mitch Muroff Hospitality Group.
The inn has 77 updated guest rooms, indoor and outdoor swimming pools and a fitness facility.
Glens Falls National Bank provided the financing, along with the U.S. Small Business Association.
The business deal closed March 16.
8
Sep 18
Glen Falls Business Journal, March 15, 2018
Sale Of Fran Cove Motel Latest In Increased Motel Real Estate Sales In Lake George Area
By Jill Nagy
The Fran Cove Motel on Route 9 in Lake George, a recently modernized facility about half a mile from the lake, was recently purchased by Mudassar (Manny) and Ahmad Ghuman, for $1.1 million.
The acquisition is the ninth motel in the area owned by members of their family, but the first venture for the Ghuman brothers.
It is the second recent motel sale on the lake. Mitchell B. Muroff, Esq., principal with MD/Mitch Muroff Hospitality Group said the EconoLodge-Lake George sold in February to Amber Hospitality Group.
Regarding the Fran Cove Motel, the Ghumans said they plan no major changes to the facility and expect to reopen it on Memorial Day weekend. One of the new owners, Manny Ghuman, seemed unfazed by the fact that this will be a new venture for him and his brother.
“The family will help,” he said.
They can also expect advice from the sellers, Linda and Tim Kissane, said Gloria Caldaroni Ford, the real estate agent who brokered the deal. She is also a cousin of the previous owners,.
“I think they’ll be fine. They are very bright and really personable,” she said
The motel has 35 rooms. It has no lake access but is about a mile from the public beach in the Village of Lake George.
Ghuman expects to hire two people to help run the motel, and add two more during the summer season. Room rates will range from $60 a night for a single room in the off-season to $90 to $120 a night for suites.
The new owners live in Latham and operate a Sunoco service station off Northway Exit 23.
Ford said she is seeing “a lot of activity, a lot of people asking about motels” in Lake George.
Lake George is a tourist destination area. In addition, “it is a great place to raise a family” and, consequently, seeing more interest from people wanting to live in the area year-round, said Ford.
“Lake George is getting a little facelift. Everything is revitalizing in Lake George,” she said.
She sees a new, more tech-savvy, generation coming into the area. They are seeking more modern facilities, including modern room reservation systems. Fortunately, her cousins, the Kissanes, recognized that trend and modernized the motel before putting it on the market.
“I grew up in the motel business,” she said. She listed three ingredients for success as a motel owner: keep a clean place; keep things in good condition; and be friendly with people. The Ghuman brothers, in her judgment, “have the ingredients.”
The EconoLodge boasts 50 updated guestrooms, an indoor pool and spa, an outdoor pool and meeting room. It sold for $1.955 million, according to Muroff.
The Moore family has owned the hotel (the former Lake George Inn) for 40 years and felt it was time to move on.
The new owners, Yatish, Chandrika and Hardik Shah, have operated several other hotels including the Four Seasons Motel in Malone, which is currently listed for sale with Mitch Muroff Hospitality Group.
The Shahs plan to be hands-on operators and will live on site during the summer months, according to Muroff.
MD/Mitch Muroff Hospitality Group serves the greater New York-New England region as a boutique hospitality brokerage firm representing independent and franchised hoteliers.
Last fall, the company was involved in the sale of the Ramada Queensbury/Lake George, a 110-room hotel at 1 Abbey Lane, Queensbury, to Paresh Patel, Darsham Patel, Minesh Hirpana and Akash Patel. The transaction closed on Sept. 26 for a price of $3.2 million, said Muroff,
Mitch Muroff Hospitality Group represented the seller, MPRV Enterprise LLC, in the transaction and was also responsible for securing the buyer, Velanja Hirpara LLC.
7
Sep 18
Glens Falls Business Journal, February 14, 2018
After 40 Years, Moore Family Sells Econolodge-Lake George To Hospitality Group
MD/Mitch Muroff Hospitality Group announced the sale of The EconoLodge-Lake George.
The transaction closed on Feb. 5, said Mitchell B. Muroff, Esq., principal with the hospitality group.
The seller, Moore Fun Enterprises Inc., was represented by Muroff, who also secured the buyer, Amber Hospitality Group.
The Econolodge boasts 50 updated guestrooms, an indoor pool and spa, an outdoor pool and meeting room.
The Moore family has owned the hotel (the former Lake George Inn) for 40 years and felt it was time to move on.
The new owners, Yatish, Chandrika and Hardik Shah, have operated several other hotels including the Four Seasons Motel in Malone, which is currently listed for sale with Mitch Muroff Hospitality Group.
The Shahs plan to be hands-on operators and will live on site during the summer months, according to Muroff.
The Econolodge is said to be rated as one of the top hotels in the Choice system. The new owners said they plan insure it continues to maintain those high standards.
MD/Mitch Muroff Hospitality Group serves the greater New York-New England region as a boutique hospitality brokerage firm representing independent and franchised hoteliers.
Last fall, the company was involved in the sale of the Ramada Queensbury/Lake George, a 110-room hotel at 1 Abbey Lane, Queensbury, to Paresh Patel, Darsham Patel, Minesh Hirpana and Akash Patel.
The transaction closed on Sept. 26 for a price of $3.2 million, said Muroff,
Mitch Muroff Hospitality Group represented the seller, MPRV Enterprise LLC, in the transaction and was also responsible for securing the buyer, Velanja Hirpara LLC.
The Ramada Queensbury /Lake George has banquet facilities, meeting and conference rooms and an indoor swimming pool.
7
Sep 18
MaineBiz, January 29, 2018
Sale of Ocean Gate Resort signals confidence in Boothbay economy
SOUTHPORT — Thad Paul, purchaser of Ocean Gate Resort at 70 Ocean Gate Road in Southport, sees opportunity in the Boothbay Region’s growing visitor market.
Paul, who heads up The Wardman Group, a real estate investment firm in Washington, D.C., purchased the property for an undisclosed sum from the GEM Hospitality Group, which is headed up by Frank Gaynor. The sale, which closed Dec. 1, 2017, was brokered on behalf of both buyer and seller by Nicholas Farrell and Roger Daigle of Daigle Commercial Group in Portland.
Daigle said that he and his group have long been active in selling hotel and resort properties in the midcoast region, including the Boothbay peninsula. A previous sale that he and his associates brokered was the Linekin Bay Resort in Boothbay Harbor in December 2015.
The Ocean Gate deal had its roots a couple of years ago, Daigle said.
Ocean Gate Resort had been of some interest to another potential buyer, who approached Daigle about buying a resort. That prompted Daigle to ask Gaynor if he would consider selling his property. As it turned out, the first potential buyer moved on to other listings, but Gaynor commissioned Daigle’s firm to prepare a market valuation, which came in favorably. Gaynor posted the resort with Daigle, which listed it at $5.9 million.
“The rest is history,” said Daigle, adding that his firm sells more than 85% of its listings. Daigle and his colleagues had shown midcoast properties to Thad Paul and knew that he was in the market for an oceanfront resort.
A resort with a range of amenities
Built in 1956, the 65-unit property is on 33 acres and has 1,400 feet of ocean frontage and recreational facilities that include a heated pool and hot tub, floating dock with kayaks and canoes, nine-hole miniature golf course, as well as tennis and basketball courts.
Gaynor owned and operated the hotel for 11 years.
Reached by phone in Washington, Paul said he started The Wardman Group two years ago to focus primarily on lodging acquisitions. Along with the Southport property, he also owns a senior housing facility in South Carolina and two small hotels in the Florida Keys. He started the company after a career in hotel administration and general real estate investment.
Paul has traveled to Maine in the past for leisure and had looked at other properties in the midcoast area. This one particularly appealed to him because of its location.
“I really like the market overall,” he said. “It’s a neat little town. I liked the waterfront location with the 33 acres of land. In addition, it was an attractive price and a property that has good current performance and also good upside potential.”
Paul plans to make improvements to the property and operations, including a new website, which has been launched.
“We have about a $1.2 million renovation planned over the next two years,” he said. “That’s underway already.”
The majority of the work is focused on selective upgrades of the guest rooms; modernizing the dining room, including the creation of a separate private dining room that can serve small group meetings; and converting the under-utilized fitness center into a second meeting room.
Overall, he said, the property is in good shape.
“The prior owners had reinvested in the property every year,” he said. “So this is just taking what they did and refining it.”
He’s engaged Scout Hotel & Resort Management as its operator.
Ocean Gate Resort has been a true labor of love for our family, and we couldn’t be more pleased with The Wardman Group’s interest in it,” seller Gaynor said in a press release. “We have complete confidence that Wardman and Scout are the right team to shepherd the resort into its next phase.”
Ambitious plans
Thad Paul said the guest-room upgrades include basics like replacing tired carpeting. The meeting room conversion is expected to boost revenue by attracting midweek corporate and association business, which in turn could increase occupancy.
The resort is seasonal, operating May through October.
“Our plan is to increase the season by a week in October,” he said. Paul has a marketing campaign to promote the “new” Ocean Gate Resort, which is scheduled to reopen this spring.
Paul cited regional economic development activity, like the Coastal Maine Botanical Gardens, development of hotels and a country club, and road upgrades in nearby Boothbay Harbor and Boothbay, as activities that are helpful for not only for the success of the property but the region’s economy.
“I certainly think there’s some potential there,” he said.
7
Sep 18
Saratoga Business Journal, October 11, 2017
Ramada Inn Queensbury/Lake George Sells For $3.2M; New Owners Plan Improvements
The Ramada Queensbury/Lake George, a 110-room hotel at 1 Abbey Lane, Queensbury, has new owners.
According to the Mitch Muroff Hospitality Group, Ramji Patel and family sold the hotel to Paresh Patel, Darsham Patel, Minesh Hirpana and Akash Patel.
The transaction closed on Sept. 26 for a price of $3.2 million, said Mitchell B. Muroff, Esq., principal of the Mitch Muroff Hospitality Group.
Mitch Muroff Hospitality Group represented the seller, MPRV Enterprise LLC, in the transaction and was also responsible for securing the buyer, Velanja Hirpara LLC.
Muroff said the new owners are “experienced hoteliers with properties in other states and intend to be on-site managers to insure the quality of their guests’ experience.”
He said the owners plan to invest more than $500,000 into the hotel to improve its guest rooms and public area. Additionally, there are plans to re-open the restaurant and bar in the coming months.
The Ramada Queensbury /Lake George has banquet facilities, meeting and conference rooms and an indoor swimming pool. Its phone number is 518-793-7701.
7
Sep 18
MaineBiz, June 7, 2017
Lewiston Ramada Inn sold for $4 million
A Massachusetts-based hotel investor group called Atithi LLC, which owns and operates a large portfolio of hotels under major brands, purchased the Ramada Inn & Conference Center in Lewiston for more than $4 million.
Roger Daigle, president of the Daigle Commercial Group in Portland and his associates, Mitchell Muroff and Nick Farrell, represented the seller, George Gendron, in the transaction. The group also found the buyer. The sale closed May 26.
The Ramada, which has 117 guest rooms and executive suites, is at 490 Pleasant St.
Buyers bullish on Maine’s potential
Ashutosh Nayak, a New Jersey resident, is one of three partners who comprise Atithi LLC. He told Mainebiz the investor group owns a variety of businesses, including hotels in Massachusetts, New Jersey and New Hampshire. Atithi is building its first hotel, in New Hampshire.
The Ramada is the investor group’s first venture in Maine.
“We wanted to expand in Maine and New Hampshire,” Nayak said. “This location has potential.” Nayak explained that the Ramada has its own niche in the mid-scale market that targets a huge customer base between lower-scale motel type of lodgings and luxury lodgings. The Lewiston facility, in particular, is uniquely positioned not only for its hotel rooms but for its huge conference center, banquet facility, restaurant and bar.
“We feel all the businesses combined complement each other,” he said.
The investor group first looked at the property nine months ago, but kept the idea on hold as the construction project in New Hampshire unfolded. The group decided to actively pursue the property in January.
Nayak expressed appreciation to the city of Lewiston and to Mechanics Savings Bank in helping the investors close on the deal.
“We chose a local bank, and they’ve been great partners toward the process,” he said.
Passion for the hospitality business
Originally from India, Nayak arrived in the United States with his partners when they were all students. In New York, he pursued an undergraduate degree in management information system technology, his other area of interest. His first job out of college was as a front desk clerk in a hotel, and he fell in love with the hospitality business.
“It’s always been my passion to be in the hospitality business,” he said. “It’s my hobby also, because I travel a lot. I see hotels in the U.S., Europe and Asia. There’s money there, but also it’s the satisfaction that we can serve customers. We can be part of people’s lives.”
The Lewiston Ramada, employing up to 90 people, dates to 1974. The hotel is in good condition, but the group is planning some upgrades. Partial renovations, starting this year, include upgrades to the restaurant, banquet area, and 40 to 50 rooms, followed by upgrades to remaining rooms and the technology infrastructure. Nayak said he expects investment this year to be $500,000, and between $800,000 and $1 million in all.
The seller, George Gendron, is a well-known businessman in Lewiston, said Daigle. The Ramada was Gendron’s only hotel property, acquired seven or eight years ago. At that time, said Daigle, the property was “in need of shoring up,” so Gendron invested in improvements and stabilized operations. Daigle listed the property about a year ago, receiving interest from other buyers, but no takers until Atithi.
It’s not unusual for a property like this to take a while to sell, Daigle said.
“This is not just a hotel. It’s also a meeting and conference facility,” he said, with 15,000 square feet of event space that can accommodate 600 conference or banquet guests, as well as amenities such as a restaurant, bar, fitness center, and gift shop. “They’re known as full-service hotels in the industry, and that requires someone who has the right background, because a lot of business comes from weddings, conferences, and other events.”
With over 50 years of combined experience we’re dedicated to our passion, we love what we do, and we prove it to our clients every day.
Office: 617.610.7774
Fax: 617.964.0618
Website by Concept One