August 7, 2022

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Millennium Hotel Buffalo is going up for auction | Business Local

3 min read

A single of the region’s greatest and most popular suburban hotels is heading up for auction, as the house owners of the Millennium Airport Hotel Buffalo seeks to unload the Cheektowaga resort assets at a time when the hospitality field is however struggling amidst the ongoing Covid-19 pandemic.

The 301-area hotel subsequent to the Walden Galleria will be offered by means of a 3-working day on the web bidding process, which will be administered via 10-X from Sept. 6 to 8. The setting up bid for the eight-tale building is $2 million, and the on the internet auction listing from brokerage business Marcus & Millichap notes that it is becoming sold “unencumbered by management and debt” and “no cost and crystal clear of leases and franchise obligations.”

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That indicates that the approximately 50-calendar year-aged comprehensive-provider hotel will most likely not continue to be beneath the banner of the Millennium Accommodations and Resorts chain, which it has been because 2005. Millennium operates the resort under a lease that is expiring, but the hotel house is owned by Josephine G. Malecki, Francis Fuest, Kevin Zola, Eugene P. Zola, Ronald Juzdowski and Christine Davies.

“This locale is an established base of functions,” the listing said. “The community bordering the resort is a preferred hospitality resting spot. It presents a huge wide range of aid facilities furthermore lots of restaurants together with Olive Backyard garden, LongHorn Steakhouse, Panera, Applebee’s and much more.”

The serious estate listing describes the hotel as a “capital-starved asset” and an “outstanding worth-add possibility” for a customer that would like to “reposition” or rebrand the hotel, or transform it to “alternate residential use.” It cites the property’s availability “appreciably under substitute price.”

And it notes the hotel’s area “only minutes” or 3.3 miles from the Buffalo Niagara Worldwide Airport, inside of walking distance to the region’s greatest procuring shopping mall at 1.6 million square toes, and adjacent to the Thruway, with proximity to Canada.

Crafted in 1973, the upscale resort stands on 8 acres at 2040 Walden Ave., and includes 12,000 sq. toes of meeting and celebration house, as properly as Walden’s Cafe and Twigs Lounge. Formerly a Four Details by Sheraton, the procedure was taken over as aspect of a bundle of accommodations in 1999 by London-dependent Millennium & Copthorne Motels, a hospitality administration and real estate business that owns, manages and operates additional than 145 accommodations in 80 locations.

Millennium & Copthorne, which operates less than the Millennium Lodges brand, is the hotel division of Singapore-centered City Developments Ltd., a real estate business that alone is owned by the Hong Leong Team.

It touts that its qualities are found in “crucial gateway cities” such as London, New York, Los Angeles, Paris, Dubai, Beijing, Shanghai, Seoul, Tokyo, Singapore and Hong Kong. In the United States, it has 15 inns, such as 4 in New York Metropolis, as very well as spots in Anchorage, Alaska Boston Boulder, Colo. Chicago Minneapolis Nashville, Tenn. and Scottsdale, Ariz.

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