Rick Vidal opened the NewVida resort in the Adirondacks just 10 months ago, and says it’s “thriving.” But now he’s put the 1,140-acre preserve on the market for $12.9 million including the 11,000-square foot Mountain House mansion, which is also available individually for $5.9 million.
Vidal told the Albany Times Union that he is looking for an equity investor, not so much to sell the entire property, because he needs capital to expand the resort and ensure viability. It has a 25,000-square-foot lodge featuring a restaurant, event space and 14 suites.
The growth strategy reflects optimism about increasing demand and revenue for hotel rooms this year in the Adirondacks as the upstate region regains favor as a tourism destination. The search for an equity investor may also speak to the challenge of financing hospitality expansion projects upstate with debt.
Hotel revenue in Essex County has grown by 23 percent and demand for hotels by 16 percent since July 2023, according to the North Country Regional Economic Development Council.
State-funded investments have revived the region’s aging hospitality infrastructure. In particular, Empire State Development has funded projects such as the Cambria Hotel in Essex County.
McKenna said that revamping hotels and adding new ones are part of the strategic plan of the regional council, said co-chair James McKenna.
“It is encouraging investment in things that can drive economic activity … because if you don’t have lodging, you don’t have any kind of economic activity,” he said.
Tourism has become an increasingly important part of the upstate economy in the past 50 years as industry relocated, shut down and turned to automation in response to global forces.
It also provides support for Adirondacks localities, which try to keep residential property taxes low to stem population loss.
“[The hotel industry] provides a lot of tax revenues for these small counties in sales tax and in real estate property tax,” McKenna said.
Another reason the state has been investing in hotels is that it’s sometimes difficult for hotel employees to find housing in the region.
“There has been an increase in the number of rooms, but these rooms are for employees,” McKenna said. “Two traditional motels were converted to employee lodging.”
Despite the increase in tourism, labor and housing shortages remain a challenge for local businesses. To address the labor shortage, the state has launched the Next Move NY program, aiming to draw transitioning military personnel to the region to fill job vacancies.
State officials “are essentially encouraging [military personnel] who are transitioning to move to the Adirondacks and maybe work there,” McKenna said.
Hotels in the Adirondacks are built around a travel time period for the region — July through October. Vacancy is generally higher from November through April.
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