Ideas for generating revenue from inn

[Alex Hal]

I am looking at an inn that sits within walking distance to a big lake in a nice area in NY state, Catskills.  The inn has been closed for 5 years without any upkeep.  I am attracted to this property as it has old world charm and the fact that its close to a lake and within a few minutes drive to attractions, yet still remote.

The inn has 30 rooms, a game room, fire place, banquet hall, commercial kitchen, pool, etc.

The asking price is reasonable and there is demand for rentals.  My initial idea is to convert the rooms into apartments, with some being efficiency and others 1-2 bedrooms.  I still have yet to call the town to find out about zoning rules.  I remember listening to a bp speaker about how he converted a deserted mall into storage facility.  That seemed like an ingenious idea.

I am not interested to run the property as an inn and employ people full time.

Besides the conversion to apartments, what are some other possibilities for an old inn that can generate a revenue stream?