Historic Restaurant, Event Center On Canadarago Lake with Hotel 16 Rooms

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Concerts, Restaurant, Event Center, Lake Front, Lodging on the Lake
Asking Price:
$2,500,000

Gross Revenue:
$650,000
Cash Flow:
$200,000
(Seller's Discretionary Earnings)

EBITDA:
 Not Disclosed
Inventory:
$50,000
included in asking price

FF&E:
$500,000
included in asking price

Real Estate:
$500,000
included in asking price

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Business Description

The Lake House Inn is in search of a new owner to continue the legacy since 1843 of providing top-notch hospitality for guests and maintaining the historically important property.

The Lake House Inn is comprised of three separate businesses under one company umbrella: the pub & restaurant open to the public, the lodging resort, and the special events venue. Though these entities each require unique consideration, they work in confluence to provide guests a full-service experience. There is no other privately-owned destination in the greater Cooperstown Area, Richfield Springs, and Cooperstown market that is capable of hosting large events and providing lodging for guests. By the close of 2018, The Lake House Inn will have hosted many large events for the year, far exceeding that of other banquet facilities in the area. Current 2019 bookings forecast next year to be even busier.

The current owner Christine Corrigan Esq. has worked tirelessly to create a full-service destination venue that has a reputation for outstanding service. The next owner will acquire a piece of history that is also a profitable turn-key business with years of reservations on the books, a knowledgeable and experienced staff, with space to expand the company according to their own desires.

About the Business

Year Established:
1850
Number of Employees:
30
Home Based:
Yes
Facilities:
The Lake House, Marina with docks, Outdoor Covered Stage 40 ft X 70 ft X 20 ft high on the lake available, 2 new cedar 96 ft docks, 4 older docks with slips, 2 Cabins, Outdoor restroom by the Lake, Outdoor 20 ft diameter fire-pit with gas flame. 15 outdoor Chimenias for burning fire wood around the lake, Large garage with 12 ft high overhead door for maintenance. Compete Outdoor Kitchen for Outdoor Stage up to 350 people, Outdoor Bar, Elegant Lakeside Spaces for Meetings and Events, Covered Veranda, Fire Bar with Lake Views over 460 ft Lake Front.
Website:
www.CooperstownHotel.com
Market Outlook/
Competition:
Rediscover the art of recreation and relaxation at our picturesque lakefront retreat. Indulge in simple pleasures and lavish services, from a carefree swim in the lake to a luxurious ride in the row boat. Use a canoe and paddle out into the lake or borrow a rowboat and go fishing. Take a bike to explore the Village. Meet friends for a game of tennis or for a cold one at the lakeside bar. We've thought of everything to make your stay exceptional. Enjoy authentic regional cuisine at unique restaurants and bars, and discover why we're one of the most sophisticated Local hotels with a breakfast buffet, room service, and fine dining.
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About the Sale

Reason For Selling:
Retirement
Training/Support:
30 days no charge
Gross Revenue
Comments:
Includes hotel rooms, restaurant, tavern, events, marina rentals
Seller Financing:
50% down, 8% rate of interest

Listing Info

Keywords:
Lake House, Cooperstown Hotel, Cooperstown Restaurant, Cooperstown Marina, Cooperstown Concerts, Cooperstown Lodging, Cooperstown Weather, Cooperstown Events, Cooperstown Weddings, 460 ft Lake Front, Compete Outdoor Kitchen for Outdoor Stage up to 350 people, Outdoor Bar, Elegant Lakeside Spaces for Meetings and Events, Covered Veranda, Fire Bar with Lake Views
ID:
1449595
Ad Detail Views:
0

Attached Files Attachment Disclaimer

  Generic Lake House brochure.pdf (3 MB)
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Business Listed by
Gene Corrigan

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Source: Decennial Census (2010), United States Census Bureau.

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Source: American Community Survey (2010-2014), United States Census Bureau.

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