MD/Muroff Daigle Hospitality Group announced the sale of the Wingate by Wyndham – Lake George, 4054 Route 9L, Lake George, for $7.4 million.
The seller was Adirondack Lodging LLC and the Buyer was HELI IP LLC, according to Mitch Muroff of Muroff Daigle Hospitality Group.
The Wingate Lake George is a modern limited-service hotel that opened in 2007 and is located near the lake and the center of the village of Lake George.
It has 96 updated guest rooms and suites, indoor and outdoor swimming pools, a fitness facility, meeting rooms, a two-story atrium lobby and a complimentary breakfast area. There is free WiFi, plentiful parking and easy access to Northway Exit 21.
Pranav Parekh, principal owner of HELI IP LLC, resides in Massachusetts and has experience with franchise hotels in Florida, Muroff said.
Muroff represented the seller, Adirondack Lodging LLC, and secured the buyer as well. Noah Bank provided the financing, along with the U.S. Small Business Administration.
The business transaction closed on July 20 Muroff said.
It is part of a busy year for Muroff and the industry on general. In February, the MD/Muroff Daigle Hospitality Group announced the sale of The EconoLodge-Lake George. The seller, Moore Fun Enterprises Inc., was represented by Muroff, who also secured the buyer, Amber Hospitality Group.
The Econolodge has 50 updated guest rooms, an indoor pool and spa, an outdoor pool and meeting room. The Moore family had owned the hotel for 40 years.
The new owners, are Yatish, Chandrika and Hardik Shah, who have operated several other hotels.
In March, The Landmark Motor Inn, 1418 Saratoga Road in South Glens Falls, sold for $3.67 million to Nadeem Lodging Corp., which previously owned the Red Roof Inn in Albany.The seller was John Naja of Landmark Motor Lodge Corp. and the Muroff Daigle Hospitality Group brokered the transaction with Vanguard-Fine.
The Landmark Motor Inn was owned by the Naja family for more than 43 years, according to the Muroff Daigle Hospitality Group. It has 77 guest rooms, indoor and outdoor swimming pools and a fitness facility.
Last fall, MD/Muroff Daigle Hospitality Group was involved in the sale of the Ramada Queensbury/Lake George, a 110-room hotel at 1 Abbey Lane, Queensbury, to Paresh Patel, Darsham Patel, Minesh Hirpana and Akash Patel, for a price of $3.2 million. Muroff represented the seller, MPRV Enterprise LLC, in the transaction and was also responsible for securing the buyer, Velanja Hirpara LLC.
In March, the Fran Cove Motel on Route 9 in Lake George, a recently modernized facility about half a mile from the lake, was purchased by Mudassar (Manny) and Ahmad Ghuman, for $1.1 million. The acquisition became the ninth motel in the area owned by members of their family, but the first venture for the Ghuman brothers.
In May, Jessica Ferguson and Chris Menter purchase the Juliana Resort at 3842 Lake Shore Drive in Diamond Point. The couple purchased the property from Eric and Alia Fahlborg for $2.9 million. The Fahlborg’s have owned and operated the resort since 2003, when they bought it for $1.43 million.
The Juliana has 24 rooms and sits on two acres, situated approximately halfway between Lake George village and the village of Bolton.
Also earlier this year, brothers Andrew and John Brodie expanded their Yankee Boating Center with the purchase of the Gilchrist Marina which includes a hotel, for $2.48 million. The property is on Lake Shore Drive in Diamond Point, just one mile south of their marina and boat rental business in Bolton.
There have also been new hotel construction projects adding to the lodging inventory in the region.