Hodges Ward Elliott, LLC (“HWE”), as exclusive agent for the owner, is pleased to present the opportunity to invest in the fee-simple interest in the 92-key Grand Adirondack Hotel in Lake Placid, New York (the “Hotel” or “Property”). Located in the heart of the Adirondack Mountains and overlooking the serene Mirror Lake, this modern interpretation of a classic Adirondack retreat seamlessly blends timeless elegance with contemporary comfort. Originally established in 1927, the Hotel has been thoughtfully reimagined to celebrate its storied history while delivering world-class hospitality and amenities.
The Grand Adirondack Hotel is a premier destination for guests seeking outdoor adventure, relaxation, and luxury, making it a compelling investment opportunity. Nestled in a location steeped in history, tourism, and year-round appeal, the Property’s boutique charm, exceptional downtown Lake Placid setting, and proximity to iconic attractions such as Whiteface Mountain and the Olympic Center create a consistent and diversified demand base. The Hotel is still ramping following its extensive modernization in the renovation that was complete in August 2022. With significant upside potential, this offering represents a rare chance to acquire a unique asset in one of New York's most sought-after destinations.
Investment Highlights
Prime Location in the Heart of Lake Placid
The Grand Adirondack Hotel is uniquely positioned in Lake Placid, at the heart of the 6.1-million-acre Adirondack Park, the largest protected natural area in the continental United States. This unparalleled location offers guests direct access to a diverse array of attractions, blending outdoor adventure, culture, and relaxation in one of New York’s most picturesque destinations.
Gateway to Outdoor Recreation
Nestled near Mirror Lake and surrounded by the Adirondack High Peaks, the Hotel is perfectly situated for year-round outdoor recreation, including winter sports (skiing, ice skating, bobsledding, etc.), hiking, boating, and cycling. Its proximity to Whiteface Mountain and the Olympic venues ensures a steady flow of adventure-seeking visitors.
Newly Renovated, Best-In-Class Asset – Extensive Modernization With Historic Charm
The Hotel underwent an extensive modernization in 2022, seamlessly blending contemporary standards with the timeless charm of its historic origins, dating back to its grand opening in 1927. Inspired by the iconic Adirondack Great Camps, the Property features richly appointed guest rooms that balance modern elegance with classic design. Locally curated art pieces further enhance the experience, creating a sophisticated yet inviting atmosphere that reflects the unique character of the region.
Premier Wedding Destination With Unique Offerings In Lake Placid
The Grand Adirondack Hotel has established itself as Lake Placid’s premier wedding and event destination, blending Adirondack charm, luxury, and awe-inspiring scenery.
Rooftop Elegance – Cloudsplitter: For those seeking the best views in Lake Placid, the newly unveiled Cloudsplitter rooftop bar and event venue offers jaw-dropping panoramic vistas of Mirror Lake, the Olympic venues, and the Adirondack High Peaks. This unique offering provides an extraordinary setting to inspire attendees and elevate any celebration.
Culinary Excellence: The Grand Adirondack Hotel boasts three dining and bar outlets:
Marcy: Featuring locally inspired menus with a modern twist on Adirondack cuisine.
Marcy Bar: Enjoy artisanal hand-crafted cocktails, regular live entertainment, and a lively, social atmosphere.
The Great Room Bar: Relax with a drink by the fireplace, offering an inviting space for pre- or post-event gatherings.
Cloudsplitter Bar: A seasonal rooftop venue where guests can enjoy breathtaking views of Lake Placid, perfectly paired with innovative cocktails and light fare.
Year-Round Appeal: The Grand Adirondack Hotel has become a top-tier choice for tourists seeking unique, luxurious, and unforgettable celebrations in the Adirondacks. With its central location in downtown Lake Placid and proximity to Mirror Lake and the Adirondack High Peaks, the Hotel attracts patrons all throughout the year for weddings, receptions, and special events.
Opportunity Exists to Winterize the Rooftop Cloudsplitter Bar, allowing for year-round use and revenue streams. By transforming this space into a four-season venue, the Hotel will be well positioned to grow its market share in the lucrative event business, capitalizing on Lake Placid’s appeal as an all-season wedding and event destination.
Outdoor Recreation that Drives Demand Year Round
Originally established in the 18th century as an iron ore mining hub, Lake Placid has evolved into a renowned year-round tourism destination, and is renowned as the host of the Winter Olympics in 1932 and 1980. Lake Placid is one of New York’s premier getaways, offering visitors a diverse range of experiences—from world-class skiing in the winter and epic paddling adventures in the summer, to breathtaking fall foliage during autumn.
The Grand Adirondack Hotel is ideally situated in the Adirondack Mountains, in the northwestern corner of Essex County. This prime location provides easy access to the majestic Adirondack peaks and lakes, as well as a variety of sporting events and outdoor activities, making it an exceptional destination for all seasons.
Tourism On The Rise With New York State And Local Marketing Initiatives
Tourism in the Adirondacks continues to experience robust growth, driven by coordinated state and local marketing efforts. In 2023, visitor spending in Essex County, New York, reached an impressive $909.8 million, reflecting an 11.2% increase over the prior year. As the regional leader in visitation, Essex County accounted for 39% of total visitor spending in the Adirondacks. Notably, $477.9 million of this total was allocated to lodging and accommodations.
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