Resort motel, boat storage near the Lake George outlets sold
By Chelsea Diana – Reporter, Albany Business Review
Jul 7, 2024
The Mohican Resort Motel — on Route 9 near the Lake George factory outlets in Queensbury — sold last week, along with a boat storage building on the property.
Paving and excavating contractor Chad Nims sold the resort at 1545 Route 9 for $2.7 million to Amit and Payal Kumar, according to broker Mitch Muroff, who had the listing for the property.
A separate boat storage building on the property that was recently subdivided sold for $400,000 to George Pensel, owner of Boats by George.
Muroff, of Muroff Hospitality Group, represented the seller and secured the buyers.
The transactions closed on July 2. Deeds and any mortgage information are not yet publicly available.
Nims bought the hotel in February 2023 after the previous owners lost the property due to financial problems. Nims paid $1.7 million to buy the property, which he had previously leased. He invested about $400,000 renovating a two-story house on the Mohican property and upgrading most of the rooms.
The resort has 44 rooms, including traditional motel rooms, two-bedroom suites, townhouse-style rooms and the four-bedroom home. It features outdoor and heated indoor swimming pools, a game room, business center, basketball court, BBQ grills, fitness center and other amenities.
The entire property, including the boat storage building, is 4.69 acres.
Muroff said the new owners plan to continue to run the property as is, likely making some cosmetic changes after the summer season.
In Warren County, the occupancy rate for hotels from January to May was 41%, down 2.1% from the same period last year, according to data from STR, a hospitality consulting firm that’s part of CoStar Group.
The average daily rate was up 2%, to $140.36. Total revenue was $43.9 million, up 0.3%.