Holiday Inn goes for $4.4 millionby jmaloni
A hospitality company in the United Arab Emirates was the high bidder for the Holiday Inn Grand Island on Wednesday.
Byblos Hospitality Group of Dubai and several local investors teamed to bid $4.4 million for the property.
Blackbird Asset Services of Williamsville with Tulsa, Okla.-based AmeriBid conducted the bank-owned hotel auction of the Holiday Inn Grand Island on Oct. 24.
"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."