There’s no end in sight for Douglas Jemal’s downtown buying spree. The developer is close to finalizing a deal to buy the $20.7 million mortgage on the Hyatt hotel property at Main and Huron streets. According to The Buffalo News, Jemal is also talking to current-owner Snyder Corp. about completing a deed-in-lieu of foreclosure for the property. That would allow Jemal to obtain the hotel sooner than waiting for a foreclosure process with the loan servicer.
The 396-room hotel has been shuttered since April 1 due to the coronavirus. Synder Corp. hotel missed a mortgage payment in April and the property has experienced declining cash flow since early last year, landing the 2012 mortgage on a default “watch list”. The property was foreclosed on in June.
Jemal sees the purchase as strategic- saving the property from possible out-of-town ownership and reinforcing his decision to purchase the Statler earlier this year. Jemal previously said is plans for the Statler would include 600 hotel rooms. The Hyatt purchase may result in a change in the mix of uses for the landmark Statler. From The News:
“The connectivity between the Statler, convention center and the Hyatt would make Buffalo a world-class convention city that does not exist in many cities. It’s extremely unique,” Jemal said. “It’s all controlled by one person that can make a decision, and not just argue back and forth about what we’re going to do.”
“We’ve proven what we’re going to do. It’s just not talk,” Jemal said. “To me, that’s the most important thing. Buffalo had enough of that – talk, talk, talk, and nothing happening. Now things are happening, and we’re very excited to be a part of it. We love Buffalo.”