Located in the heart of the High Peaks and Keene Valley sits one of the Adirondacks' most beloved small inns. The Keene Valley Lodge and Phelps Cottage comprise three contiguous parcels totaling 2.00± acres: the Lodge parcel of 1.26± acres, the adjacent Phelps Cottage at 0.23± acres, and a separate 0.50± acre riverfront parcel on the East Branch. The parcels may be acquired together or individually, offering flexibility for buyers seeking the full assemblage or a more focused investment. The Lodge is an established and thriving bed and breakfast, offering five guest rooms and two suites. A massive granite fireplace anchors the common room; a sunny front porch with rocking chairs faces the village street, with views of Rooster Comb, Baxter Mountain, Spread Eagle, and the Giant rising beyond. The property has been welcoming guests since the early twentieth century, its stone construction, wide-board floors, and hand-hewn details speak to a period of Adirondack craftsmanship that cannot be replicated. A level, open field adjoining the Lodge offers natural potential for outdoor gatherings, events, or expanded hospitality programming. The Lodge sits at the center of Keene Valley's small but remarkably complete hamlet: a country club, a library, a hardware store, a restaurant and bar, shops, and one of the world's most respected mountaineering outfitters are all within walking distance. Lake Placid is twenty minutes away. The legendary trail network of the Adirondack High Peaks begins at the doorstep. Its guests, hikers, climbers, skiers, anglers, artists, return year after year. The reviews reflect it, filled as they are with guests who have stopped counting their visits and started thinking of the Lodge as their own. Phelps Cottage, a fully appointed three-bedroom rental house on the adjoining lot, extends the property's income profile. With a covered front porch, rear deck, private yard, and a path leading to the river, it operates independently of the Lodge and accommodates families and small groups seeking private lodging within the same exceptional setting. The riverfront parcel, a half-acre on the East Branch of the Ausable, with a small deck at the water's edge, completes the assemblage. The property transfers as an established, high-performing hospitality business with an active reservation system, a loyal and growing guest base, and the physical and reputational infrastructure that takes decades to build. For a hospitality investor seeking a foothold in one of the Northeast's most enduring mountain destinations, it is a rare offering.