By Scott Baughman
After almost 20 years of ownership by Lake Lure Properties, the 1927 Lake Lure Inn and Spa was sold in July to new ownership. The approximately $11 million sale makes it one of the largest real estate transactions in the history of the Hickory Nut Gorge.
George Wittmer, owner of Lake Lure Properties LLC said, “Restoring and stewarding the Lake Lure Inn has been a twenty-year revitalization project. When my wife Hope and I relocated to this beautiful community almost two decades ago, we were glad – and continue to be fortunate enough – to welcome thousands of visitors, locals, and guests to share in the magic of Lake Lure. We’ve seen welcomed growth and transformation of this mountain community, and we are excited to embark on our next set of local ventures.”
Wittmer was assisted in the original restoration project and running the resort by his wife Hope.
“Hope and I are grateful to our dedicated staff, many who have been with us since the beginning,” he said. “They have made this Town Center project possible and have contributed enormously over the years to the improvement of Lake Lure, our adopted hometown. We are confident that the Lake Lure Inn and Town Center will continue to thrive.”
The sale includes the 72-room hotel; the iconic Arcade Commerce Building; the historic Keeter home and acreage; the lrongate salon and spa; multiple restaurants; professional offices and public spaces, which draw hundreds of thousands of patrons annually. All operations will continue uninterrupted during this transition.
Real estate broker George Carter represented the sellers in the transaction.
“The sellers have enjoyed nearly two decades of revitalizing and caring for the property and supporting and leading their staff,” Carter said. “This sale will allow them to enjoy new local projects and passions — a well-deserved shift in pace after so many successful years at the helm of such a major project.”
The new owners of the property are Ridgeline Acquisitions LLC.
“We are very excited to be a part of the next chapter of this beautiful and unique property and join the Lake Lure community – it fits very well with our collection of boutique hotels in thriving mountain towns across North Carolina and North Georgia,” said Keaton Nickelsen, partner at Ridgeline. “We are thrilled to be able to honor the rich history of the Hotel dating back to 1927 and the legacy of George and Hope Wittmer who brought this amazing property back to life when they purchased it 20 years ago.”
Carter added that the sale was significant in its own right but that it was also a good sign for the greater HNG real estate market.
“I think this sale, and the dozens of others I have been working on, show that Lake Lure / Hickory Nut Gorge is thriving,” Carter said. “This place is a magical gem with some of the most beautiful natural features found anywhere in the country. We are so lucky to be here.”
