Saratoga real estate agent acquires Hide-A-Way Waterfront Cottages in Lake Luzerne
By Robin K. Cooper – Reporter, Albany Business Review
Apr 10, 2023
Real estate agent Mary Diehl Gibson has purchased the Hide-A-Way Waterfront Cottages overlooking Lake Vanare in Lake Luzerne for $1.75 million.
Diehl Gibson and her family bought the 3.8-acre resort with 13 cabins and a two-story, 2,400-square-foot home from longtime resort owner and operator Peter Girard and his family. The transaction closed April 6. Broker Mitch Muroff of Muroff Hospitality Group represented the seller and secured the buyer.
Located at 138 Hidden Valley Road in a wooded area with 721 feet of waterfront, the Hide-A-Way includes a mix of one-, two- and three-bedroom cabins with kitchens and private beach access, 6 miles southwest of Lake George Village.
The resort attracted multiple offers, including one from a potential buyer in Pennsylvania, Muroff said.
Ultimately, Girard and his family accepted the offer from Diehl Gibson and her husband Patrick Gibson, who see the Hide-A-Way as a legacy investment property for their family, Muroff added.
“They also have an opportunity to bring in more revenue by renting the house,” Muroff said.
The sellers had operated the resort since Peter Girard acquired the property in 2001. The single-family home was constructed in 2008.
The property was listed for sale last fall after Girard decided to retire. His daughter had managed the business for the last several years, Muroff said.
Diehl Gibson, an agent with the Diehl Done Team at Keller Williams Capital District in Saratoga Springs, was not immediately available for comment.
Located less than a quarter mile from the Double H Ranch for children with serious illness, the Hide-A-Way primarily operates as a seasonal resort, although three of the cabins are equipped to remain open year-round. Room rental rates run between $175 and $385 a night depending on the size, location and the time of year.
The closing marks the third resort real estate transaction completed by Muroff this year. He currently has offers on several other hotel and resort properties in the Adirondacks.
With rising interest rates, financing has become a challenge with some deals, Muroff said. However, that was not the case with the recent sale of the Phoenix Inn Hotel in North Creek in February, nor the sale of the Econolodge in Utica in late March. Each of those transactions were financed through a mix of Small Business Administration loans and conventional bank mortgages.
“It shows the banks are still looking to do deals despite the fact that parts of hospitality struggled during [the pandemic],” Muroff said.