.by Anura Guruge
>> Gunstock Inn … To Close Soon …‘The Laconia Daily Sun’
>>— Jan. 15, 2013.
>> Maybe Gunstock Inn Is Still For Sale … Nov. 8, 2012.
>> Gunstock Inn, Gilford, NH — Sold Again … – Nov. 1, 2012.
So it has finally happened. I must say that I feel a sense of relief. That poor Inn had to be put out of its misery. The last owners did it no favors. From what I know this was an UPS (yes, United Parcel Service) IPO folly in the 1990s; a guy, from MA, who had worked for UPS for a long time and made a killing on the IPO bought it. His wife ran it while he continued to work for UPS.
In my last post I mentioned the ‘Lazy E Motor Inn’ as a well run Inn with great owners — what Gunstock needs. In the Union Leader article I read that the Lazy E owners are trying to buy Gunstock! Is that a coincidence? Should I get a piece of the commission.
What cracks me and and distresses me at the same time is how these reporters never ask the right questions or find the relevant facts! So, they bought it for $1.1 million. Bully for them, BUT how much did they borrow? That is THE question. If they borrowed 80%, i.e., $880,000, which I suspect they probably did, and just put in $220,000 of their own money into it, the ONLY VICTIM is the poor (but greedy) bank. As I said before, it is the bank that I feel sorry for, and I am glad the bank is being more cautious the second time around. If and when the Inn is sold these folks, most likely, will get back some of what they put in. It is the bank, and its investors, that will suffer the loss.
But, all said, I am glad for the Inn. It needs a break. Somebody that will run it as it should. That said, I wouldn’t rave about its architecture. What they did to the dinning room, albeit 25 or 30 years ago, was beyond amazing. It would have, especially then had a great view of the lake. So you could have had ultra romantic lake view dining, especially at night with the lights twinkling across the lake. That would have been an asset. So what did they do; they built the swimming pool next to the dinning room and blocked the lake views. Yes, of course, if this was Arizona, Nevada or California, it might be fun to have a view of a pool while you ate. But, this is NH! There are times that what you see by the pool convinces you to stop eating, at once, and go on a diet. I have always said, that if I bought the Inn, I would knock the pool down and relocate it. My days of being able to afford the Inn are long gone — because unlike some, I would never borrow money to buy an investment. I would feel terrible if I could not pay it back. I am used to losing my own money and over the years I have lost a lot. But, judging from my credit score and reports I have hardly ever stiffed anyone.