Visions Hotels has emerged as the owner of the 199-room Holiday Inn Buffalo-Amherst, paying $4.6 million via an online auction run by CW Capital Asset Management and Auction.com, reports Buffalo Business First. Bids reportedly began at $1.375 million.
Visions already owns other Buffalo-area properties, including the 486-room Adam’s Mark hotel and the 146-room Comfort Suites Hotel—both located in downtown Buffalo.
“We’re very bullish on Buffalo,” said Rakesh Patel, Visions' VP of operations. “The Buffalo market is a very strong one and it is certainly one we know.”
Visions now has a portfolio of 29 hotels.
The hotel will reportedly remain Holiday Inn flagged and undergo a major renovation.
Patel said Visions plans on keeping the hotel as a Holiday Inn, but promised it will undergo a major renovation effort.