10-24-2012 - Blackbird and AmeriBid to conduct auction sale of Grand Island Holiday Inn

Blackbird Asset Services will hold the bank owned hotel auction of the waterfront Holiday Inn on Wednesday, October 24, at 11 a.m. local time. Williamsville, N.Y.-based Blackbird Asset Services 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 in capital improvements, it's really beautiful." Located at 100 Whitehaven Rd., full-service hotel has seven stories with 263 rooms situated on 12 acres along the banks of the Niagara River. It has 28,000 s/f 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," said Stephen Karbelk, CAI, AARE, co-chairman of AmeriBid. "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. 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. 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. Social Media: Like us on Facebook: http://www.facebook.com/AmeriBid Follow us on LinkedIn: http://linkedin.com/company/AmeriBid Subscribe to our YouTube Channel: http://youtube.com/AmeriBid