Grand Island Holiday Inn sold at auction for $4 million
An investment group featured two local developers submitted the winning bid for the Grand Island Holiday Inn Resort and Conference Center Wednesday morning.
Business First reports that in an auction that included ten registered bidders, a group led by developer Roger Trettel came out on top with a $4 million bid. The winning group outbid a firm from Elmira in what the publication calls a "hectic" auction that featured 19 back-and-forth bids.
The 12.6-acre property was taken over last year by Royal Bank of Canada, which holds the mortgage. The bank is owed nearly $8 million dollars by the previous owner.
The winning developers say they will make upgrades to the hotel after the sale is finalized in December and may look at changing its brand affiliation once the Holiday Inn franchise agreement expires in 2014.
The 263-room facility on Whitehaven Road is said to have a healthy 85-percent occupancy rate.