HOUSTON, TX, April 10, 2023: HVS Brokerage & Advisory announces the sale of the 110-key Comfort Inn The Pointe, located at 1 Prospect Pointe, Niagara Falls, New York 14303.
The property, built in 1988, was purchased by Empire Hotels, based in Minneapolis, Minnesota, from Maid of the Mist, based in Niagara Falls, New York.
“HVS did an excellent job of vetting several qualified buyers and connecting us with them," said Maid of the Mist President Christopher M. Glynn. "We were able to take advantage of a hot hotel real estate market in Niagara Falls, and I am grateful for the role HVS played in helping us to close the sale of the property."
The property benefits from its irreplaceable location at the entrance of Niagara Falls State Park, which attracts nearly nine million visitors annually who generate roughly $2 billion in tourism spending. The park is home to the iconic Maid of the Mist. Its two all-electric vessels ferry guests to the base of Niagara Falls for an unforgettable bucket list experience. Additionally, this sale included an attached retail building, encompassing approximately 20,000 square feet of gross building area that is largely vacant. Old Falls Street extends along the north side of the retail building, where thousands of tourists walk along this main thoroughfare daily during peak season. The buyer plans on renovating and reopening the retail space.
“This was a great team execution for a long-standing HVS client that involved our New York, Houston, and Los Angeles offices. Through a competitive marketing process, we generated 16 bids from mostly out-of-state buyers and sold the asset for 11% higher than our original pricing guidance. The ultimate buyer was a local investor who owns other hotel assets in the submarket and was attracted to the prime location. This transaction highlights our firm’s ability to assemble the right deal team and generate a competitive marketplace with certainty of closing,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, Brad Hoban, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction. Stephen Rushmore Jr., a licensed New York real estate broker, served as broker of record for HVS Brokerage & Advisory.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The property, built in 1988, was purchased by Empire Hotels, based in Minneapolis, Minnesota, from Maid of the Mist, based in Niagara Falls, New York.
“HVS did an excellent job of vetting several qualified buyers and connecting us with them," said Maid of the Mist President Christopher M. Glynn. "We were able to take advantage of a hot hotel real estate market in Niagara Falls, and I am grateful for the role HVS played in helping us to close the sale of the property."
The property benefits from its irreplaceable location at the entrance of Niagara Falls State Park, which attracts nearly nine million visitors annually who generate roughly $2 billion in tourism spending. The park is home to the iconic Maid of the Mist. Its two all-electric vessels ferry guests to the base of Niagara Falls for an unforgettable bucket list experience. Additionally, this sale included an attached retail building, encompassing approximately 20,000 square feet of gross building area that is largely vacant. Old Falls Street extends along the north side of the retail building, where thousands of tourists walk along this main thoroughfare daily during peak season. The buyer plans on renovating and reopening the retail space.
“This was a great team execution for a long-standing HVS client that involved our New York, Houston, and Los Angeles offices. Through a competitive marketing process, we generated 16 bids from mostly out-of-state buyers and sold the asset for 11% higher than our original pricing guidance. The ultimate buyer was a local investor who owns other hotel assets in the submarket and was attracted to the prime location. This transaction highlights our firm’s ability to assemble the right deal team and generate a competitive marketplace with certainty of closing,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, Brad Hoban, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction. Stephen Rushmore Jr., a licensed New York real estate broker, served as broker of record for HVS Brokerage & Advisory.
About HVS Brokerage & Advisory
The Brokerage & Advisory division is a specialized group within HVS that offers services related to investment sales and capital markets, focused exclusively on the hospitality industry. With a global footprint and over 40 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620