LAKE PLACID NY ALL SEASON RESORT MOTEL
| Asking Price: | $2,100,000 | Inventory: | $6,000 ++ |
| Gross Revenue: | $765,000 (comments below) | Real Estate: | $1,900,000 ++ |
| Cash Flow: | $360,000 (comments below) | FF&E: | $200,000 ++ |
| ++ included in the asking price ** not included in the asking price | |||
| Gross Revenue Comments: Restaurant outsoutsoursed .. not in sales | |||
| Cash Flow Comments: Highly profitable, four season income | |||
RESORT MOTEL IN FAMOUS UPSTATE NY MOUNTAIN VILLAGE is a profitable Alpine style facility with totally renovated 40 rooms, 4 family cabins, 80-person restaurant (out-sourced), and an outdoor heated pool on 3.5 acres. Motel is a year-around operation located in the Olympic region, sited on a major road, next to an upscale shopping and activity center, with Whiteface Mountain and other views. Its profits and sales recently $ 750,000 has been consistent in the decade of owner’s “hands-on” management, and recently under a staff general manager. Four family cabin units were added in 2005, and there was upgrading of 24 rooms and a separate back building of 16 rooms. Restaurant risk and complications have been recently outsourced. Client programs emphasize AAA, golf, ski packages and visiting Olympic and world competitor teams. Pro-forma 2010 sales are $ 776,000 with EBITDO of $ 362,000. There are great year-around lifestyle amenities, mountains, lakes and sports venues, and potential for on premises owner’s suite. Business and real estate offered for $ 2,100,000 to buyer with $ 425,000 equity. Owner will consider modest financial participation and assist in easy transition.
About the Business
Year Established:1965
Employees:5 full time - 3 part time
Facilities:The 3.5 acre sloping site contains two large motel buildings and four family cabin units and is in the besst location for a view of Whiteface Mountain andnext to a busy shopping center The main building has 24 upscale rooms, the Lobby, Restaurant and Lounge, full kitchen and Conference Center / apartment. Another structure contains 16 economy standard rooms and a suite that is a potential owner’s quarters. There are 4 family cabins with great views, and a storage garage. The buildings and in-ground heated 40’ x 20 pool, with fully paved access and parking, are in excellent repair.
Market Outlook and Competition:This motel serves economy clientele, including many repeaters. It enjoys “location …location … location”, with views, proximity to village’s only shopping center, and various tourist amenities for year-around activity. Cost and rate competitive, it has been a destination for travelers, Canadian vacationer, AAA, golf and ski packages, and visiting Olympiic or World competitor teams. Area draws from Northeast and worldwide due to sports and mountain venues.
About the Sale
Management Training and Support:Owner seller will train buyer, but notes that there is a fully competent manager in the business in that the owner is an absentee, who visits approximately monthly. Outsourcing of restaurant reduces risk of the business , increases profitability and does not divert owner from his group and invividual guests and groups.
Reason For Selling:Owner recently located for government / pension job, to be with his wife and family in Washington DC and wants liquidate his investment and focus on family and new life.
Seller Financing:Will be open to modest assistance to a financially qualified buyer
KEYWORDS: MOTEL, HOTEL, resort, four season, olympic village, adirodacks, heated pool, year around, upscale, economy , whiteface , chalets, restaurant , lake placid, tri lakes of ny, high peaks,
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The information on this listing has been provided by either the seller or a business broker representing the seller. BizQuest has no interest or stake in the sale of this business and has not verified any of the information and assumes no responsibility for its accuracy, veracity, or completeness. Please review the full Disclaimer here.
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