Press and Media
Our track record of successful sales and achievements have been well documented by the local media. Here are some of the articles where we’ve been featured.
13
May 23
Chronicle – May 10, 2023
Sold! Lake George A&W for $605K
May 10, 2023
The Lake George A&W has sold for $605k, realtor Mitchell Muroff told The Chronicle. Hao Yang has purchased the 2208 Route 9 business from Wayne Pelak/CKHSW Corp.
Mr. Muroff said Mr. Yang is a restaurant owner in the Albany area who intends to keep operating as an A&W.
Mr. Yang has completed the brand’s franchise course “and is putting renovations into it now,” Mr. Muroff added.
It’s the second time the business has changed hands in around a year.
Mr. Muroff said shortly after the 2022 purchase, Mr. Pelak “had some health issues and staffing issues that made him decide to retire shortly after he acquired the property.”
A listing said, “The A&W Restaurant has been a family friendly mainstay in Lake George since 1959.”
“The majority of the business comes in the summer months, and so there’s plenty of time to take off and enjoy the off season,” it added.
Mr. Muroff of Muroff Hospitality Group represented the seller and Richard Blake represented the buyer.
The Lake George A&W was owned and operated by Dave Madden for roughly 44 years, until he sold it in 2022. Mr. Madden purchased and will soon re-open Zack’s Drive-in in Queensbury, near Hudson Falls.
11
Apr 23
Rebusiness Online – April 11, 2023
Muroff Hospitality Arranges Sale of 40-Room Hotel in Utica, New York
April 11, 2023
UTICA, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of a two-story, 40-room Econolodge hotel located just off Exit 31 of I-90 in the upstate New York community of Utica. The sales price was $1.5 million. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller, both of which were limited liability companies, in the transaction.
11
Apr 23
Albany Business Review – April 10, 2023
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.
15
Feb 23
Glens Falls Chronical – Feb 15, 2023
Former Copperfield in North Creek sells for 1.94 million
Chronicle staff writer Zander Frost writes The Phoenix Inn, formerly the Copperfield Inn, in North Creek sold for $1.94-million on February 1, Realtor Mitchell Muroff told The Chronicle.
Mr. Muroff said the buyers are a daughter and father, Zihan “Hannah” Ren and Buhai Ren, from Chelsea, Massachusetts under the name Vision Landmark, LLC.
Mr. Muroff said the Rens own other properties, but the Phoenix is their first hotel. He said Ms. Ren “was a Realtor, as a matter of fact.
“Her mother and father are both there now. She’s there. And they’re going to be hands-on operators. At least some of the family will be up there always.”
Mr. Muroff said the Rens plan to invest in the inn, open both restaurants, pursue “conferences, wedding business, social functions, and “reach out to the community.”
He said they plan to offer Asian cuisine, “maybe some Chinese American food.”
The seller was Diana Espalza under the name Dmars II Realty Limited.
It’s the second time in four years that Mr. Muroff brokered sale of the property.
In December 2019, New York City caterer Ms. Espalza, a native of Colombia, bought The Copperfield for $1-million and renamed it Phoenix Inn Resort.
Mr. Muroff said Ms. Espalza made a significant investment in infrastructure.
It’s in “great shape right now,” he said.
Long Island native Eliot Monter built the Copperfield originally.
Michael Ellis and partners with ties to the area bought it in 2008 for $1.5-million. It was listed for sale for $2.85-million in 2018. An online auction in 2019 failed
to result in a sale. Principal owner Mr. Ellis reportedly rejected a $1.4-million offer,
sources at the time said.
Mr. Muroff touts the property’s “large ballroom” and food and beverage facilities. “There’s the opportunity to do a large banquet business,” he says.
He calls the suites “very, very beautiful. They’re reminiscent of hotel rooms on
Park Avenue in Manhattan, believe it or not,” with “beautiful case goods,” gas fireplaces and ski racks.
Mr. Muroff said there’s a large fitness center, which offers private memberships
for locals, and includes an outdoor pool in the summer.
Mr. Muroff told The Chronicle his current listing of the $7.5-million Roaring
Brook Ranch property in Lake George is “under agreement.”
6
Feb 23
Albany Business Review – Feb 5, 2023
Phoenix Inn Hotel sells for $1.94 million
By Robin K. Cooper – Reporter, Albany Business Review
Feb 5, 2023
A father-and-daughter investment team from Chelsea, Massachusetts, have purchased the Phoenix Inn Hotel in North Creek for $1.94 million, marking the second ownership change for the Adirondacks resort in three years.
Buhai Ren and his daughter, Zihan “Hannah” Ren, acquired the 31-room hotel from Diana Espalza. The transaction closed Feb. 1. Broker Mitch Muroff of Muroff Hospitality Group represented the seller and secured the buyer.
The acquisition was financed with a mortgage through Celtic Bank Corp. of Salt Lake City, Utah.
The 2.33-acre resort, located 3 miles north of Gore Mountain Ski Resort, features close to 7,500 square feet of meeting, restaurant and event space including a ballroom for up to 300 guests.
“We had three or four serious inquiries in a relatively short amount of time,” Muroff said. “A few offers came in after the property already was under contract.”
Muroff listed the Phoenix Inn for sale June 15 and the Ren family signed a letter of intent to buy the property three months later.
Formerly known as the Copperfield Inn Resort, the boutique hotel underwent more than $1 million in renovations after Espalza bought the property in December 2019 from Michael Ellis and Copperfield Resorts LLC.
Espalza grew up in Colombia and spent 15 years operating a restaurant, bar and catering business while living in Queens before purchasing the North Creek resort. She took over operations in December 2019, three months before the Covid-19 pandemic forced businesses across New York into temporary shutdown.
“There is tremendous room for growth with the proper sales force and food and beverage professionals,” Muroff said.
The hotel’s proximity to downhill and cross country skiing help make North Creek a year-round destination, yet the area lacks large hotels, Muroff said.
“There really aren’t enough hotel rooms in the market,” he said.
The buyers, who were not immediately available for comment, live north of Boston and own other real estate investments. They plan to operate the Phoenix Inn using a model similar to the one Espalza developed, focusing on wedding and corporate events to supplement leisure travel business.
In addition to saunas and a fitness center, the property also includes a restaurant, a tavern and a swimming pool.
It is the latest evidence that interest in hotel investments throughout the Adirondacks remains strong despite a string of eight federal interest rate hikes over the past year.
“We are not seeing signs of a slow down,” said real estate attorney Jon Lapper, a principal with Bartlett Pontiff Stewart & Rhodes PC in Glens Falls. Lapper represented the Rens in the Phoenix Inn acquisition.
One potential market shift Muroff is seeing is that more developers recognize is that it makes more sense financially to buy existing hotels and renovate them than it does to build from scratch.
“Banks are asking for more and more equity and more guarantees they may not have been asking for a few years ago,” Muroff said.
19
Jan 23
Glens Falls Business Journal – January 16, 2023
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.
3
Jan 23
REBUSINESS ONLINE – DEC 22, 2022
Muroff Hospitality Negotiates Sale of 73-Room Hotel in Lake George, New York
Posted on by Taylor Williams in Acquisitions, Hospitality, New York, Northeast
LAKE GEORGE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has negotiated the sale of The Lakefront Terrace Resort, a 73-room waterfront resort near Lake George in Upstate New York. The property, which was originally built in 1963 and recently renovated, offers a pool, private beach and a cabana bar and grill. Mitch Muroff of Muroff Hospitality represented the seller, a limited liability company, in transaction. The buyer was also an undisclosed limited liability company that purchased the asset for $7.4 million.
28
Dec 22
Albany Business Review – Dec 16, 2022
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.
28
Dec 22
New York Business Journal – Nov 9, 2022
Ruff Picketty purchases retail property in Fire Island
By Julian Nazar – Staff Reporter, New York Business Journal
Nov 9, 2022
Ruff Picketty LLC has just purchased the retail property 41-45 Picketty Ruff Walk in Fire Island for $1.2 million.
This is the first time in 60 years that this property has changed ownership.
The property, which is located at the entrance to Fire Island Pines, features several boutiques, a restaurant called the Canteen, a large outdoor swimming pool, cabana, and bar.
Becksmad Associates sold this retail property to Ruff Picketty. Muroff Hospitality Group’s Mitch Muroff represented the seller, Becksmad Associates, in the deal and secured Ruff Picketty LLC as the buyer. The transaction closed last Friday.
Muroff also recently served as the exclusive broker for the Ice Palace Resort deal in the neighboring Cherry Grove, as previously reported.
He considers 41-45 Picketty Ruff to be a strategic piece of retail.
“There is very little retail in all of The Pines,” Muroff said. “The only retail is located in a small strip. It’s strategic because as soon as you arrive in The Pines or Fire Island by ferry, everyone who arrives will arrive in a harbor essentially in front of this location.”
Fire Island is a vehicle-free island and is only accessible by ferry from Bay Shore, Sayville or Patchogue, all of which are on the south shore of Long Island.
Fire Island Pines, known for its beaches and LGBTQ community, is one of Fire Island’s 18 neighborhoods.
28
Dec 22
Albany Business Review – Oct 27, 2022
Roaring Brook Ranch Resort hits market for $7.5 million
By Robin K. Cooper – Reporter, Albany Business Review
Oct 27, 2022
A real estate investor from India has put his 135-room Roaring Brook Ranch Resort off Route 9N in Lake George on the market following a three-year, $5 million renovation.
Ajay Dhar of New Delhi, who purchased the hotel and conference center with his sister in 2019, has listed the 35-acre resort for $7.5 million.
The property hit the market this week through broker Mitch Muroff and Muroff Hospitality Group.
Besides indoor and outdoor swimming pools and horseback riding trails, Roaring Brook has a restaurant, a café and more than 17,000 square feet of meeting and banquet space, large enough to accommodate 700 guests.
“This is an opportunity for someone with food and beverage and conference experience to come in and grow,” Muroff said. “There aren’t many hotels in the Adirondacks who can accommodate groups of that size.”
The owners purchased the resort in May 2019 for $2.75 million after the property sat vacant for years. They hired Access Hotels & Resorts of Florida to manage the property and oversee renovations to the restaurant, banquet areas and 100 of the 135 rooms. The owner started to add a spa in 2020 but delayed those plans after the Covid-19 pandemic hit and it became difficult to find staff.
Executives from Access Hotels talked two years ago about their aspirations of hosting more group business and 30 to 50 weddings a year. The pandemic also stalled those efforts.
Now, wedding and corporate business is slowly starting to come back, Muroff said.
Located at 2206 Route 9N, Roaring Brook was founded shortly after World War II by Joseph Garry Sr. His nephew, George Greene Jr., spent more than 50 years running and expanding the resort until his death in February 2018.
The resort currently includes about 280 acres. The owner wants to sell a 35-acre portion that includes the banquet space, restaurants and 135 rooms. The remaining 245 acres will remain controlled by Ajay Dhar, who owns the real estate under the name Le Millenia Supermart RBR LLC.
“Room occupancy currently does lag the rest of the market, but that is because there has been no marketing effort and people are not aware that the property has been renovated to the tune of $5 million,” Muroff said.
The resort is located about 2.5 miles from the center of the village of Lake George, the focal point of the Adirondack Mountains summer tourist community.
With over 50 years of combined experience we’re dedicated to our passion, we love what we do, and we prove it to our clients every day.
Office: 617.610.7774
Fax: 617.964.0618
Website by Concept One