AWH Partners Adds Lake Placid Resort to Portfolio
Wednesday June 26th, 2013 - 10:23AM EGZOHQ
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LAKE PLACID, NY—AWH Partners, LLC, acquired and plans to renovate its eighth asset, the High Peaks Resort here.
Chad Cooley, principal of AWH Partners, noted, "Resorts continue to be the least-favored sector in the business and we see that changing rapidly over the next few years, making what we believe is a very good buy and an exceptional investment for AWH and our investors."
The resort received substantial upgrades over the past five years but critical capital projects and operational improvements remain central to the business plan, according to the company. High Peaks Resort will complete a multimillion-dollar renovation over the next 18 months, enhancing its curb appeal, amenities and public spaces.
High Peaks Resort includes 133 guestrooms, all with lake views and many with direct waterfront access. Sister property Lakeview Motor Inn, a 44-room, 1960s vintage Adirondack-style inn, has lake and mountain views. The resort is located at the center of Lake Placid village and has three restaurants, two indoor and two outdoor freshwater pools, a fitness center, an Aveda Spa & Salon and numerous complimentary waterfront activities.
AWH also will execute the rebranding and renovation of the Lakeview Motor Inn, which has not been renovated in more than 10 years and operates as de facto overflow accommodations for the resort.
Spire Hospitality, a subsidiary hotel management arm of AWH Partners, will continue to manage the resort while AWH Development, AWH Partners’ in-house development arm will oversee renovations.
Tags: • Hospitality • Acquisitions • Construction/Renovation • Ownership • Management Companies • Owners/Operators • Investment Funds •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.