Mitch Kornfeld, co-owner of the Woodlands Inn & Resort, reminisces about the business’s half century of operation during a 2019 event. The property has been sold to an investment group, members of the Kornfeld familt annnounced Thursday.
Times Leader file photo
Current staff will remain; new firm founded by Kornfelds will oversee management
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PLAINS TWP. — The Woodlands Inn and Resort has been sold.
Current owners Mitch and Ross Kornfeld announced the sale Thursday, bringing an end to the family-owned operation that began in 1969 as The Treadway on Route 315 in Plains Township.
The sale price was not disclosed.
The new owner is Shree Neelkanth Realty LLC, listed as a Pennsylvania domestic limited-liability company. The company’s principal address is 1073 Highway 315, Wilkes Barre.
Ross Kornfeld and Mitch Kornfeld also announced the formation of Valenfeld Hospitality Management, Inc., and the two brothers will stay on to oversee management of the facility.
The sale included the hotel, bank building and 19 acres of surrounding land.
“As we end one chapter as owners and operators of a celebrated hotel and catering business, we embark on our new venture, growing Valenfeld Management,” said Mitch Kornfeld. “The sale allows Ross and (me) to be positioned with the capital needed to develop an adjacent 6.5-acre parcel into a 50-unit multi-family apartment complex.”
The value of the Woodlands transaction, including Valenfeld Management’s multi-year agreement, is comparable to the 2019 sale of Holiday Inn-East Mountain.
“We believe the value to be top-market, considering we are a soft-brand 53-year-old property, in a third-tier market, emerging out of the pandemic in a very strong financial position — that speaks to our management experience,” Ross Kornfeld said.
General Manager and CFO Michelle Valenti added: “We navigated the business through the pandemic, without staff shortages, with almost 100% of the staff returning once restrictions were lifted and were able to maintain our quality and service standards, which all contributed to a strong forecast for 2022.”
All current staff, operations and executive staff will remain in place, and they will be led by Valenti with Valenfeld Hospitality overseeing operations as the management company.
“We certainly never would have had this opportunity if not for our faithful customers (and) their patronage over the years, and certainly we could not have done it without our loyal, hardworking and dedicated staff and former employees who have journeyed with us, all of whom have become family to us,” Mitch Kornfeld said. “We take great pride knowing that we have left them in good hands with experienced leadership and a new ownership team that will carry on in the Kornfeld way.”
Reach Bill O’Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.
