Grand Island: Holiday Inn up for auction Oct. 24by jmaloni
Blackbird Asset Services, AmeriBid to conduct auction sale of GI landmark
Blackbird Asset Services has announced the bank-owned hotel auction of the waterfront Holiday Inn Grand Island on Wednesday, Oct. 24, at 11 a.m.
Williamsville-based Blackbird Asset Services LLC is working with the Tulsa-based AmeriBid LLC to sell the landmark Holiday Inn Grand Island at auction.
"It's not often that we see landmark hotels at auction," said David Fiegel, president of Blackbird. "This hotel is a Greater Buffalo-Niagara region landmark, right on the Niagara River. The bank took this property over in early 2011 and since then has made almost $1 million dollars in capital improvements. It's really beautiful."
Located at 100 Whitehaven Road, the established, full service hotel has seven stories with 263 rooms situated on approximately 12 acres along the banks of the Niagara River. It boasts 28,000 square feet of banquet/event space, two pools, a fitness center, business center, boat dock, game room, restaurant and lounge with liquor license.
"The hotel is running close to full occupancy most nights, and we expect that to continue right through our sale process and into new ownership," noted Stephen Karbelk, co-chairman of AmeriBid LLC. "This is an awesome opportunity for an investor to pick up a full service hotel that's running really well."
Built in 1973, the hotel has a strong established tourism and wedding business, according to Fiegel, with dozens of weddings and social events held there every year. Since being under professional management, the monthly occupancy rate often exceeds 85 percent. The gross room revenue is projected to exceed $3.7 million in 2012 with total revenues expected to exceed $4.9 million by the end of the year.