GLENS FALLS The local landmark hotel that cost $750,000 to build in 1926 sold this week for about $2.5 million, around the same price it previously sold for in 2001.
Developer Ed Moore’s real estate holding company, 88 Ridge Royale LLC, paid $2,546,800 to buy The Queensbury Hotel from Queensbury Hotel LLC, a Connecticut-based investment group, according to a deed filed Tuesday with the Warren County Clerk’s office.
Moore would not release the sale price at a press conference Wednesday.
Queensbury Hotel LLC bought the hotel in 2001 for $2,400,600, according to a deed.
A local business group paid $750,000 in 1926 to build the hotel, according to a Post-Star report at the time.
Adjusted for inflation, that would be the equivalent of about $10 million in 2016 dollars.
Moore owns the French Mountain Commons and Log Jam outlet centers on Route 9 in Queensbury, and the J.E. Sawyer building on Glen Street in Glens Falls.
He is secretary of Adirondack Civic Center Coalition, the business group that is leasing and operating Glens Falls Civic Center.
Zack Moore, son of Ed Moore, and Tyler Herrick, former assistant general manager of The Sagamore resort in Bolton Landing, recently formed Spruce Hospitality Group to manage The Queensbury Hotel.
The company will also manage a new Fairfield Inn and Suites the Moore family plans to build on the east side of Big Boom Road, behind Carl R’s restaurant near Northway Exit 18 in Queensbury.
Spruce Hospitality Group on Wednesday announced plans to invest about $1.5 million over the next 18 months in improvements of the downtown hotel, including renovation of guest rooms and hallways and a new ballroom with seating for up to 400 people.