Lake George hotel listed for $2.5 million
By Chelsea Diana – Reporter, Albany Business Review
Jan 29, 2024
The Baymont by Wyndham in Lake George is up for sale.
The hotel at 439 Canada St. was listed for sale this month at nearly $2.5 million. The owners, the Shah family, decided to sell for personal reasons, according to to listing agent Mitchell Muroff of Muroff Hospitality Group.
The Shah family has owned the Baymont Lake George since 2018 when they purchased the hotel for almost $2 million from the Moore family, who had owned it for 39 years.
At the time of the sale in 2018, the property was an EconoLodge but when another franchise under that flag opened nearby, Muroff said the Shahs applied for a franchise with Wyndham and changed the brand of the hotel to Baymont.
“The property was in excellent condition when it was sold to them, they’ve maintained the property, and decided to sell it,” Muroff said.
The hotel has 50 rooms across three floors with an elevator and features both indoor and outdoor swimming pools.
Muroff Hospitality Group represents independent and franchised hoteliers, restaurants, inns and resorts in the greater New York/New England region.
Muroff said the Lake George hotel market has remained strong since the Covid-19 pandemic when vacationers opted for road trips over flying.
In recent months The Lake George Inn at 444 Canada St., across Route 9 from the Baymont, sold for $1.25 million. A few other properties on or near the lake are under contract.
Muroff said he has two other active listings in and near Lake George — Mario’s Restaurant at 429 Canada St. is listed for nearly $2.4 million and the Mohican Resort of Lake George is listed for $3.25 million.
This latest listing comes as Lake George is poised for more development.
The town and village were awarded $10 million from the Downtown Revitalization Initiative, which focused on Canada Street and the adjacent waterfront, according to an announcement from Gov. Kathy Hochul’s office. Potential projects include new housing for seasonal workers, broadband expansion and tourism-related improvements.