The Queensbury Hotel in Glens Falls, N.Y., was sold for $2.55 million.
The 125-room hotel was acquired by Ed Moore, who purchased it from the Real Estate Hospitality School, a Maryland-based company that has owned the hotel since 2001.
The sale took place on March 29, but the purchase price of the hotel was not made public until now. Moore, the hotel's new owner, also owns the Log Jam Outlet Center and French Mountain Commons, two retail shopping malls on Route 9 in Queensbury.
The acquisition was financed through a $2.4-million loan from the Glens Falls National bank, with $615,000 of it consisting of a construction loan. Moore's real estate holding company, 88 Ridge Royal, purchased the property.
$1.5 million in updates are planned for the hotel, to be carried by out Phinney Design Group of Saratoga Springs. The hotel was constructed in 1926.