New Hotel will be a Driver for Tourism in the Region by Addressing the Growing Demand for Lodging and Event Space
Empire State Development (ESD) today announced the groundbreaking for the $35 million Cambria Hotel in Lake Placid, Essex county. The new 105,645 square foot hotel will be built by Dual Development LLC and will operate under the Cambria brand where it will employ over 50 full time employees.
Empire State Development President, CEO and Commissioner Hope Knight said, “Lake Placid is a global destination and the new Cambria Hotel will welcome travelers from around New York State and the world. Tourism is a vital economic engine for New York, and this project will support this critical industry by adding jobs and business and fueling excitement about all the North Country region has to offer.”
Bhavik Jariwala, Lead Developer & Managing Member of Dual Development LLC said, "We are genuinely grateful for ESD's investment in both our project and the Adirondack community. The Lake Placid region is second to none in terms of natural beauty, outdoor activities and a peaceful and relaxing environment where visitors can go. One positive thing that has come from this pandemic is that downstate New Yorkers and New Englanders were able to leave their urban comfort zones and explore the Adirondacks like never before. We feel that this will create repeat business for decades to come, especially with New York State's enormous investment in upgrading the Olympic facilities in preparation for the 2023 World University Games. After several years of hurdles, we are excited to finally get this project off the ground and bring a world class hospitality destination to the Adirondack community."
Dual Development has demolished an aging structure located in Lake Placid to construct a modern three-story hotel which will include 185 guest rooms, a restaurant, event space and waterside gathering area on Lake Placid. This project will be the first new hotel built in Lake Placid since 2013.The North Country Regional Economic Development Council has specifically targeted lodging development and investments in tourism infrastructure in the Thousand Islands and Adirondack regions to expand and support the area's thriving hospitality economy. The Adirondacks are known for their natural beauty, first-class outdoor recreation, history and family-friendly activities. By supporting projects that address lodging capacity, New York State's investments complement regional tourism efforts. To support this project, the North Country Regional Economic Development Council (REDC) has recommended a $3 million ESD capital grant in exchange for 51 new jobs.
North Country REDC Co-chair James McKenna said, “We are proud to welcome this new Cambria Hotel to the North Country. As a co-chair of the North Country REDC, I support new investments that will encourage job creation and economic growth in our communities. As we rebuild our tourism industry from the pandemic, projects like this one will welcome the visitors who discover our amazing region and provide opportunity to the people who live and work in the region.”
State Senator Daniel G. Stec said, "The Cambria Hotel project in Lake Placid will help create new jobs in our region, as well as play a crucial role in our tourism industry. Lake Placid and the surrounding area continues to see an increase in visitors and the Cambria will go a long way in helping to accommodate this growing segment of our economy.”
Assembyman Matthew J. Simpson said, “This new development is exciting news for the growing Lake Placid community. Over recent years, the Adirondack Park has truly captured the hearts and imaginations of a new generation of individuals seeking their own personal adventure. The Cambria Hotel will not only serve our visitors as a home base from which they will set out to begin their adventure but also signifies the broad confidence of the business community at-large in viewing the Lake Placid area as a place to invest for the future.”
Town of North Elba Supervisor Derek Doty said, “The Town of North Elba is happy to welcome Cambria Hotel and celebrates their groundbreaking! Their presence helps Lake Placid remain a vibrant tourist destination!”
Village of Lake Placid Mayor Art Devlin said, “I would like to congratulate the Cambria hotel on their ground-breaking ceremony today. It has been the culmination hard work and determination from many people for two years to reach this point. This new facility will provide the consumer one more choice when coming to Lake Placid. With 185 rooms that are up-to-date and in line with the interests of today’s travelers. I wish Cambria hotels the best of luck in the future.“
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing the New York State Regional Economic Development Councils and the marketing of "I LOVE NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
Kristin Devoe | [email protected] | (518) 414-1087