GRAND ISLAND, N.Y., Sept. 18, 2012 (GLOBE NEWSWIRE) -- Blackbird Asset Services announces the bank owned hotel auction of the waterfront Holiday Inn on Grand Island on Wednesday, October 24, 2012, at 11am local time.
Williamsville, N.Y., based Blackbird Asset Services, LLC, is working with Tulsa, Okla., based AmeriBid, LLC, to sell the landmark Grand Island Holiday Inn Resort & Conference Center 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 just minutes away from Buffalo, Niagara Falls and Ontario, Canada. It boasts 28,000 sq. ft. of banquet/event space, two pools, 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, CAI, AARE, 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.
Each year a large number of tourists, including many international tour groups, frequent this hotel because of its convenient and beautiful location, ensuring the solid operations of this property.
Broker participation is encouraged. Property may be inspected during scheduled previews or by appointment. For more details on how to receive the property information package and complete terms visit www.AmeriBid.com or call 877-895-7077.
Williamsville based Blackbird Asset Services, LLC is a boutique action and valuation firm providing asset recovery solutions and certified appraisals to asset based lenders and legal professionals nationwide.
Headquartered in Tulsa, Okla., AmeriBid is the premier global real estate auction leader specializing in the sale of commercial and residential real estate, land properties and other assets for lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies and local, state and federal government agencies.
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