The Cascade Inn on state Route 73 in Lake Placid is seen Thursday. (Enterprise photo — Griffin Kelly)

LAKE PLACID — After more than 30 years, The Cascade Inn could switch hands at the end of the summer.

Joe Warren is letting Bill Walton operate the motor inn and restaurant at 5023 Cascade Road on a rent-to-own basis.

“Joe Warren has been a friend of mine for years,” Walton said in a phone interview. “We’ve always joked about me buying it one day, and we decided to finally go for it.”

Warren said he’s been saying that joke to guests for years, but Walton actually decided to take him up on it. He said after three decades he’d like to see “younger blood” take over the business.

“Billy is just about the age I was when I first bought it,” he said.

Walton owns and operates the Experience Outdoors high ropes and zip line course up the road from the inn.

“The goal is to synergize the two companies and possibly create lodging and stay-and-play packages.”

Walton said he wants to rename the inn Scott’s Cobble Lodge after the plot of land Experience Outdoors is located, which was one of Lake Placid’s first ski mountains in 1938.

“It brings some of the history into play,” he said.

Walton said he wants to do some things differently such as changing the name of the business and boosting its marketing presence to increase occupancy, but he doesn’t want to mess with what brings in long-time customers.

“We’re going to do some painting and change some things with the bar,” he said. “The food menu is going to remain relatively the same for the locals. Joe has a really good local following, so the menu will stay steak and seafood.”

Warren bought the property in 1988. He and his wife, Colleen, also run the restaurant at Craig Wood Golf Course.

“My wife and I came from Long Island, and when we bought the inn, a lot of the local crowd stopped coming because we weren’t from around here,” he said. “It took us a while to build up that local clientele again, but once we did, they’ve been like family to us.

“We’ve got a lot of great memories there,” he continued. “I could write a book, and I probably should’ve. I appreciate all the local people who have supported us over the 30 years, and I hope they continue that with Billy.”

Warren and his family’s home is on the property, so he’ll still be around and help out in some capacity, he said.

“I’ll work as much as Billy needs me,” he said. “If he needs a cook to fill in one night, I’ll still be there to help out.”