Hotel-Motel

Lake Placid Summit Hotel Resort & Suites

2375 Saranac Ave, Lake Placid, NY 12946

Listing Price: $8,400,000

Cap Rate
8.30%
Number of Rooms
99
Gross SF
82,000
Price/Room
$84,848
Price/Gross SF
$102.44
Year Built
1972

Investment Overview

Marcus & Millichap has been chosen to exclusively market for sale the Lake Placid Summit Hotel & Suites, a three-story 99-room hotel overlooking beautiful Mirror Lake and just around the corner from the shops and restaurants in Lake Placid Village. The hotel is located approximately three miles from Lake Placid Airport and 16 miles from Adirondack Regional Airport. Guest rooms are equipped with a small refrigerator, microwave, coffee maker, television, and complimentary WiFi. The Lake Placid Summit Hotel offers an indoor heated pool surrounded by bay windows and a newly renovated exercise room open 24 hours a day. Lake Placid was the host to two Winter Olympics, in 1932 and 1980. Nearby outdoor activities include skiing, snowboarding, hiking, mountain biking, bobsled, and ice skating.

Investment Highlights

  • Due to absentee ownership, minimal management, and no outbound sales efforts, the property is greatly under-performing it's competitive set. Subject RevPAR is 45 percent below market.
  • Rare year-round business in upstate New York. Beautiful Lake Placid provides outdoor activities in Fall, Spring, and Summer, while the Lake Placid Olympic Center generates demand throughout winter.
  • Many amenities and demand drivers are not in use, including full service kitchen and bar (100 people) that overlooks Mirror Lake and a 150-person Meeting Space/Conference Room.

Exclusively Listed By

Hotel-Motel

Lake Placid Summit Hotel Resort & Suites

Listing Price: $8,400,000

Cap Rate
8.30%
Number of Rooms
99
Gross SF
82,000
Price/Room
$84,848
Price/Gross SF
$102.44
Year Built
1972

Investment Highlights

  • Due to absentee ownership, minimal management, and no outbound sales efforts, the property is greatly under-performing it's competitive set. Subject RevPAR is 45 percent below market.
  • Rare year-round business in upstate New York. Beautiful Lake Placid provides outdoor activities in Fall, Spring, and Summer, while the Lake Placid Olympic Center generates demand throughout winter.
  • Many amenities and demand drivers are not in use, including full service kitchen and bar (100 people) that overlooks Mirror Lake and a 150-person Meeting Space/Conference Room.

Investment Overview

Marcus & Millichap has been chosen to exclusively market for sale the Lake Placid Summit Hotel & Suites, a three-story 99-room hotel overlooking beautiful Mirror Lake and just around the corner from the shops and restaurants in Lake Placid Village. The hotel is located approximately three miles from Lake Placid Airport and 16 miles from Adirondack Regional Airport. Guest rooms are equipped with a small refrigerator, microwave, coffee maker, television, and complimentary WiFi. The Lake Placid Summit Hotel offers an indoor heated pool surrounded by bay windows and a newly renovated exercise room open 24 hours a day. Lake Placid was the host to two Winter Olympics, in 1932 and 1980. Nearby outdoor activities include skiing, snowboarding, hiking, mountain biking, bobsled, and ice skating.

Exclusively Listed By

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