Canadian investor and developer Harry Stinson is negotiating to buy the Adam’s Mark hotel. Widely talked about since May, Buffalo Business First has revealed that Stinson has put a deposit down with owner Visions Hotels LLC to purchase the property.
Stinson is proposing to convert the 484-room hotel into the “Buffalo Grand Hotel.” Each suite in the hotel would individually owned and the profits shared amongst suite owners who have placed their suites in the hotel pool. Stinson’s pitch is a five percent guaranteed return per year, plus 50 percent of the operating profits of the building. He is proposing to sell units for $99,900 (Canadian). It is a model he used on his first large project, One King Street West in Toronto.
Stinson calls the hotel “well-located” but “tired” and in needing of a make-over. He says it is ‘fundamentally fine” with event space and garage parking.
Though losing his designated-developer status for the Central Terminal, he is still interested in redeveloping the east side landmark. According to Stinson, purchasing the Adam’s Mark gives him the ‘instant hotel infrastructure’ needed to host events at the Central Terminal.
The hotel, which opened in 1980 as a Hilton, has traded hands a number of times in recent years. San Francisco-based Chartres Lodging Group, LLC purchased the hotel for $18.63 million in 2008. It had been owned by HBE Corp. since 1998 when it paid $15 million for the property. The Buffalo location was one of five Adam’s Mark hotels purchased by Chartres Lodging in a package deal.
Chartres sold the property to Corning-based Visions Hotels in February 2009 for $7.5 million. A promised $10 million makeover and conversion to a Crowne Plaza in 2011 was never completed.
Stinson expects to close on the purchase this fall.
Get Connected: Stinson Properties, 289.389.1377