New 185-Room Hotel Will Include Full-Service Restaurant, Flexible Event Space, and Waterfront Gathering Area – Creating At Least 50 New Jobs
Project Builds on Governor’s Commitment to Supporting New York’s Tourism Industry Following Record Visitation and Spending in 2022
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Governor Kathy Hochul today announced the grand opening for the $35 million Cambria Hotel in Lake Placid – the first new hotel to open in Lake Placid since 2013. The modern, 105,645-square-foot hotel features 185 guest rooms, a restaurant, event space and a waterfront gathering area, and will employ more than 50 full time employees. The grand opening of the Cambria Hotel builds on Governor Hochul’s commitment to supporting and growing New York State's vibrant tourism industry, which generated a historic $123 billion in statewide economic impact in 2022.
"For the first time in more than a decade, Lake Placid is opening the doors to a brand-new hotel that will welcome visitors from around the world to enjoy its breathtaking scenery, world-class sporting events, and all that the North Country has to offer,” Governor Hochul said. "Tourism is the engine that drives our state, and thanks to a state investment and our partnership with the Regional Economic Development Council, the Cambria Hotel will help to create jobs, draw countless visitors to New York, and build a strong, prosperous economy in Lake Placid.”
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 has recommended a $3 million ESD capital grant in exchange for 51 new jobs.
Lead Developer and Managing Member of Dual Development LLC Bhavik Jariwala said, "I would like to express our sincere gratitude to Governor Hochul and Empire State Development for awarding our Cambria Hotel Lake Placid project with a Regional Economic Development capital grant. This support is instrumental in bringing our vision to reality, and we are truly thankful for ESD's commitment to fostering economic development and growth in the North Country region. We look forward to making a positive impact with this project and contributing to the continued success of the region."
Empire State Development President, CEO and Commissioner Hope Knight said, "Lake Placid is one of our most beautiful areas in New York State and relies on our tourism economy to thrive. The new Cambria Hotel is a welcome new addition to the regional economy and will bring travelers from around New York State and the world. Tourism is an important economic engine for New York State, and the Cambria Hotel will support this critical industry by adding jobs and business and fueling excitement about all the North Country region has to offer.”