Hotel in Buffalo Avoided Foreclosure

Approximately two years ago, a fatal fire occurred at a major hotel in the city of Buffalo, New York, causing significant damage that prevented it from continuing its services. Due to this, the owner faced serious financial problems that nearly forced him to undergo a foreclosure process.

After recently reaching an agreement with the insurance company regarding the fire that took place at The Buffalo Grand Hotel, the owner has decided to reopen the hotel, fully confident in recovering its financial capacity.

Harry Stinson, the hotel owner, thanks to the agreement reached with the company, was able to avoid the foreclosure process that was underway for his property, as recently published by Buffalo Business First.

After thorough investigations, the Buffalo Fire Department declared that the fire was intentional and started in an area under construction, near the ballroom, and from there spread to an adjacent parking ramp. Since then, the hotel has remained closed, and the damage was assessed at nearly $50 million.

And although the insurance company has compensated the owner with a substantial sum, he declared that despite winning the lawsuit, there is still much work ahead to ensure that his luxury hotel can effectively meet its services as it did before.

On the day of the fire, Harry Stinson had a mortgage loan agreement with WNY Lodging LLC, signed for $20.4 million. Recently, according to reports from Buffalo Business First, he negotiated a payment agreement with the mortgage company to prevent his property from entering foreclosure.

Thanks to the agreement, The Buffalo Grand Hotel will soon begin the necessary repairs and then focus on reopening its more than 396 contemporary rooms and other services it previously offered. The owner aims to reopen its doors in approximately one year.

Available floreclosures  :

Buffalo: 15 homes available.

By Elias DaSilva | September 19, 2024.