Lake Placid Lodge in New York’s Adirondack Mountains was sold on Monday by Ramsfield Hospitality Finance to Ocean Properties for US$19 million.
Ramsfield originally was a lender on the asset that was owned and operated by Garrett Hotel Group. It took over the asset in 2010 and drove demand in a growing Adirondacks market place close to New York City. “It is an irreplaceable, high-end asset on the lake in a growing area with lots of demand,” said Ramsfield President Richard Mandel. “We look forward to making additional investments in the region.”
The 30-room hotel was fetching an average rate of US$850, according to Mandel.
Ocean Properties is among the largest privately held hotel owner-operators in North America with more than 140 hotels, including several destination independent resorts such as the renowned Sagamore Resort on Lake George in New York.