Full Service Waterfront Holiday Inn near Niagara Falls
Bank Owned Hotel Auction in Grand Island, New York
Thank you for your interest. This auction is completed and closed. If you are interested in being notified of future auctions, contact us.
SOLD 4 Million Dollars
We will be selling a fully operational 263 room, full service Holiday Inn at auction on October 24 at 11:00 AM. Conveniently located just minutes away from Buffalo, Niagara Falls & Ontario, Canada in Grand Island, New York, this is the desired home to dozens of weddings and social events every year. It is situated on 12± acres along the banks of the Niagara River and is considered the most beautiful wedding and meeting space in the region. Features include 28,000± sf of banquet & event space, boat dock, indoor and outdoor pools, fitness center, game room, a business center and the Currents Restaurant & Lounge with liquor license. The hotel was built in 1973 and underwent over $900,000 in renovations in 2011, including significant steps towards upgrading the rooms to the new Holiday Inn standards.
Niagara Falls is one of the “must see” vacation spots in the United States and an estimated 13 million people visit the area every year, making it an ideal location for a hospitality property. Each year a large number of these tourists, including many international tour groups, frequent this hotel because of its convenient and beautiful location; insuring the solid operations of this property. Since being under professional management, the monthly occupancy rate often exceeds 85%. 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.
Inspections: October 3rd & 11th, 2012 • 11am-2pm, October 24, 2012 • 9:30am - 11am, and by Appointment
Summary of Auction Terms: 10% Buyers Premium applies. No representations or warranties, expressed, written or implied by the Seller or Auctioneer. All property is being sold “AS-IS, WHERE-IS”. In order to register to bid at the auction, each bidder must post a $100,000 Cashier’s Check or Certified Check (made payable to themselves). The winning bidder will be required to increase this deposit to a total of 10% by Friday, October 26th @ 3:00pm. Once the winning bidders contract is ratified by the Seller, the entire deposit becomes non-refundable and shall be applied to the purchase price at closing. The closing shall be by December 7, 2012. This sale is subject to our motivated Seller’s approval. A 1.5% Broker participation offered, subject to the Auction Company guidelines. To receive the Property Information Package, including the Purchase & Sale Agreement, please download the non-disclosure agreement from this LINK, sign and return per instructions.
Panoramic Images are below
(hover mouse to move image)