Updated Aug 31, 2026
SOLDHotel
Veeraj Patel Acquires Lake Placid Hotel For $2.9M From Seller Ram Bhai - GPT Commercial Represents
2165 Us Route 27
$2,900,000
$62/SF
Building Size
46,204 SF
Asset Type
Hotel
Closing
Dec 8, 2022
About this deal
AI
The hotel located at 2165 US Route 27 in Lake Placid has been sold in a transaction. The property spans 46,204 square feet and was sold for a price of $2,900,000, resulting in a price per square foot of $63. The sale took place on 12/08/2022.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $2,900,000
- Address: 2165 US Route 27, Lake Placid
- Market: Lake Placid
- Square Footage: 46,204
Veeraj Patel purchased the hotel from the seller, Ram Bhai. The transaction was facilitated by Taj Patel from GPT Commercial, who represented Veeraj Patel as the buyer.
Players
Mystic Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.47%
Cash-on-Cash
-1.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93