Lotta Buffalo News about Buffalo hotels:
- Investor from L.A. may bid on Statler - Matt Glynn/The Buffalo News
Competition to buy the Statler Towers is heating up.
My Dynasty Real Estate Investments LLC, a Los Angeles-based investor, is preparing to submit a bid for the Niagara Square property in downtown Buffalo, said Richard J. Sterben, a Williamsville real estate broker.
That would mean a second suitor for the Statler, which was mothballed in January. Monday, U.S. Bankruptcy Court Judge Carl L. Bucki scheduled the Statler sale for Aug. 30.
Local businessmen Mark D. Croce and James J. Eagan already have submitted an offer totaling $700,000 -- $200,000 for the property, plus the assumption of an estimated $500,000 in outstanding taxes.
Sterben said his client, whom he declined to identify, will bid $250,000 and assume the unpaid taxes, bringing the total value to about $750,000.
Sterben said his client is negotiating with John Ferchill, a Cleveland-based developer, to serve as preferred developer on the Statler project.
Ferchill guided the revival of a long-dormant, Statler-like property in Detroit called Westin-Book Cadillac. The investor represented by Sterben proposes a mixed-use redevelopment for the Statler, consisting of apartments, hotel rooms and office space. The project probably would cost $85 million to $100 million, he said.
- Adam’s Mark gets sales tax breaks - David Robinson/The Buffalo News
The owners of Adam’s Mark Hotel [map] in Buffalo are getting $470,000 in sales tax breaks through the Erie County Industrial Development Agency for the second stage of its upgrade project for the downtown hotel.
WNY Lodging, which acquired Adam’s Mark last year, plans to spend $5.6 million to replace the carpeting, wallpaper and furniture in all of the hotel’s 486 guest rooms and corridors, as well as install new light fixtures. ...
The improvements are part of a series of changes that were required for WNY Lodging to obtain a Crowne Plaza franchise for the hotel. ...
The IDA also approved $816,000 in tax breaks for Anderson Equipment Co., which is moving its construction equipment distribution business from Great Arrow Drive in Buffalo to the former Syracuse Supply building in the Town of Tonawanda.
- Lodging demand is high near cities, low in rural areas - Bloomberg News/The Buffalo News
... The Buffalo hotel market has enjoyed occupancy rates above the national average, though far short of those found in major cities, according to Smith Travel Report statistics provided by the Buffalo Niagara Convention and Visitors Bureau.
Just as long as it doesn't look like this:
-- George Pyle/The Buffalo News
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