Lake Terrace Resort On Lake George Has New Owners After Site Sells For $7.4 Million
By Christine Graf
Lakefront Terrace Resort was the latest hotel to change hands in what was a busy year for the sale of Lake George vacation resorts.
Located less than one mile from Lake George village, the 2998 Lake Shore Drive property features 73 rooms and a 150-foot private beach.
Former Texas prosecutor Ken McGurk sold the resort to Tahoe LG LLC for $7.4 million in a deal that closed in mid-December.
The LLC is controlled by McGurk’s cousins, Michael, Chris, and Patrick Menter. The brothers own several other Lake George hotels and motels. Their parents, Dave and Theresa Menter, have operated numerous vacation resorts in the area for more than three decades.
McGurk purchased the former Tahoe Resort for $3.4 million in 2018. During his approximately five years of ownership, he invested more than $2 million in renovations to the property.
According to real estate broker Mitch Muroff, owner of Muroff Hospitality Group, Lakefront Terrace Resort generated a great deal of interest almost immediately after it was listed for sale at the beginning of September. He credits the recent renovations for adding significantly to its appeal.
“Ken McGurk completely renovated the property. He did all of the guest room interiors, patios, the beach, and the indoor and outdoor furniture. He also made improvements to the mechanical systems, driveways—everything.”
Muroff said that business at the resort increased under McGurk’s ownership.
“Its numbers were very strong. They were much improved from the time when he purchased the property because of the improvements that he made.”
According to Muroff, buyers from all over the country have shown interest in acquiring property in Lake George. His boutique hospitality brokerage firm represents independent and franchised hoteliers in New York and New England.
“Even though it (Lakefront Terrace Resort) was sold to someone locally, we had offers from groups all over the country for this property.”
Despite the rise in interest rates, Muroff continues to have buyers from all over the country who are interested in purchasing property in the area. He noted that the increase in interest rates has led to an increase in the amount of seller financing that is being offered.
Muroff Hospitality has several other local resort properties for sale including Roaring Brook Ranch in Lake George and Hideaway Waterfront Cottage in Lake Luzerne.
For more information, visit www.muroffhospitality.com.