One of Amherst's largest hotels is expected to have a new owner within the next few weeks.
Officials from CW Capital Asset Management and Auction.com have confirmed that the 199-room Holiday Inn at 1881 Niagara Falls Boulevard was sold, via an online auction, with a high bid of $4.3 million accepted.
Citing confidentiality clauses, the identity of the buyer is protected until after the deal closes, tentatively set for Aug. 18. Bidding, through Auction.com, began at $1.375 million.
Special servicer CW Capital, through its 1881 Niagara Falls Boulevard Holdings LLC affiliate, took control of the hotel from WPH Amherst Associates, an affiliate of Cheektowaga's Hart Hotels Inc. in early 2011 as part of a settlement between the two concerning a legal dispute centered on a loan Hart Hotels wanted to refinance.
The hotel remains open and fully operational. The dispute governed only the Niagara Falls Boulevard hotel and not other Hart Hotel holdings.
Constructed in 1967 as a 122-room Holiday Inn, the 114,300-square-foot, two-story hotel sits on slightly more than six acres of land just north of I-290. An 80-room addition was constructed in 1970 and through various renovations, the hotel now has 199 hotel rooms plus an indoor pool, whirlpool and spa, fitness center, meeting rooms and the Boulevard Bar & Grill.
The hotel, according to Auction.com data based on Smith Travel Research Inc. information, generates annual room revenues of more than $4.47 million.