Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
By Zander Frost, Chronicle Staff Writer
Another lakeside Lake George hotel has sold, this time the Lakefront Terrace Resort on Lake Shore Drive for $7.4-million, county records confirm.
Hospitality realtor Mitchell Muroff brokered the sale.
The seller is former Texas prosecutor Ken McGurk, “he’s part of the Kenny family who own a great many hotels in Lake George,” Mr. Muroff told The Chronicle.
The buyer was Tahoe LG LLC, which the Albany Business Review reported is held by Mr. McGurk’s cousins, Michael Menter, Chris Menter and Patrick Menter, who also own Scotty’s Lakeside Resort and the County Inn & Suites.
Mr. Muroff said Mr. McGurk had spent $2-million renovating the 73-room hotel, including expanding the beach, new room packages, new patios and pool, and new sewage system infrastructure.
“When I listed it [Mr. McGurk] told me that he had had preliminary conversations with his cousin Mike and some others but there was no movement,” Mr. Muroff said.
“So, we listed and I immediately got several very interested qualified prospective buyers from outside of the Lake George market,” he said.
“And then Ken continued his discussions with his cousin. And he agreed to sell it to them,” he said.
“I simultaneously got a full price offer for the property, which was $7.925-million, but he decided to go with his cousins because he was confident that the deal would close and that blood, that family is important,” Mr. Muroff said.
“It’s one of the bigger sales that I’ve brokered,” Mr. Muroff said. “And the reason for that is most of the properties are smaller and less rooms, less updated, and less revenue.”
“I’ve had several other closings in that neighborhood, including the former Wingate Inn which is now the Comfort Inn,” he added.
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