News: Brokerage

LPCiminelli to oversee $15 million renovation of a 356-room hotel

The new owners of the Marriott Buffalo Niagara have chosen construction group LPCiminelli to oversee the $15 million renovation of the 26 year old hotel. According to the Procaccianti Group, which purchased the facility in June, this work represents a first phase of planned upgrades. "We are very pleased that the Procaccianti Group has chosen us to lead their effort," said Joseph Mannarino, executive VP at LPCiminelli. "We have a long résumé of successfully completing hospitality work, but much of that work lately has come from outside the Buffalo Niagara region. So we are always excited to be part of major projects and investments like this in our own backyard." The first phase features a complete renovation of the 356 guestrooms, including new mechanical and electrical systems and all new finishes. A new lobby and other common areas will complement site improvements and the refurbishment of both the indoor and outdoor pool. Also planned is a brand new themed restaurant. Future phases would include refurbished conference space. The Marriott was built in 1981 and underwent renovations in 2004 and 2005. Work on the hotel is slated for completion in Nov. 2008.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking