Don’t miss this outstanding opportunity to enter one of the most important leisure markets in the Northeast! The Lake Placid Pines Inn, has been a popular destination for travelers to the Adirondacks since the early 1900s. Built by Albert Stickney in 1907, it changed hands a few times until 1923 when the inn was renamed the iconic “St Moritz Hotel”. This is a fabulous opportunity for an entrepreneurial buyer that would renovate the property, bring on a professional management team and maintain the hotel’s independent status or affiliate with a national soft brand. There are currently 28 guestrooms located on the first three floors of the building, expanding to 50 post renovation on five stories. Other amenities include an on-site restaurant, 2000 sq. ft. of social/meeting space (a great wedding venue), an indoor whirlpool, a fitness room, outdoor seating, a game room/lounge, a dry sauna, vending area and guest parking. In fact, HVS, a leading hospitality firm, valued the after-repair value of the Pines at $13M (appraisal available with signed NDA). Comparable sales have recently included the neighboring Townhouse Lodge that sold for $2.2M ($100K per key).
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