Former Texas prosecutor sells Lake George resort for $7.4 million
By Robin K. Cooper – Reporter, Albany Business Review
Dec 16, 2022
Former Texas prosecutor Ken McGurk has sold Lakefront Terrace Resort on Lake George to his cousins for $7.4 million following a multiyear $2 million renovation.
McGurk, who spent several years prosecuting white collar crimes as a special assistant in the U.S. Attorney’s office in Dallas, had purchased the 73-room resort for $3.4 million in 2018 while he and his wife were still living in Texas. The business operated under the name Tahoe Resort at the time.
After moving to Lake George and running Lakefront Terrace for four years, and investing $2 million to paint, upgrade patios and replace beds, linens and floors throughout the 1.76-acre resort, McGurk listed the property for sale in September with Mitch Muroff, broker and owner of Muroff Hospitality Group of Newton, Massachusetts.
Located a half-mile from Lake George village at 2998 Lake Shore Drive, the resort with a 150-foot private beach was purchased by a limited liability company called Tahoe LG that is controlled by McGurk’s cousins — Michael Menter, Chris Menter and Patrick Menter. The transaction closed Dec. 14, according to a deed filed with the Warren County clerk’s office.
The transaction was financed through a mortgage with Glens Falls National Bank. McGurk also provided seller financing, according to documents filed with the county. Muroff represented McGurk and real estate attorney Jon Lapper, a principal with Bartlett Pontiff Stewart & Rhodes PC of Glens Falls, oversaw the closing for the buyers and the seller.
The Menters were not immediately available for comment. The three brothers grew up in the hospitality business. Their parents, Dave and Theresa Menter, have owned and operated multiple hotels and motels throughout the Adirondack Mountains resort community for 35 years, including Scotty’s Lakeside Resort in Lake George and Country Inn & Suites Hotel next door to the Six Flags Great Escape amusement park in Queensbury.
Their sons started becoming more heavily involved in the family’s hospitality business about five years ago and began purchasing and operating motels around Lake George, including The Juliana, a 24-room boutique motel in Bolton and Nordick’s Inn on Lake Shore Drive in Lake George. Their daughter, licensed massage therapist Allison Menter, operates the Saratoga Farmstead bed and breakfast and North Eastern Massage in Greenfield Center, just west of Saratoga Springs.
Lakefront Terrace attracted multiple offers over the past three months, including an offer that would have matched the asking price of $7,925,000, before it was sold to members of McGurk’s family.
“Business has increased dramatically over the past few years and put up some very strong numbers,” said Muroff, the only broker involved in the transaction. “And the commercial real estate market remains very strong. I have buyers from all over the country who are looking for the right opportunity.”
Rising interest rates are having an impact on the market, Muroff said, but they are not stopping transactions from moving forward.
One trend he is beginning to see is that more sellers are starting to provide financing to supplement traditional bank mortgages for at least a portion of some transactions.