Hotel contents being auctioned, as coronavirus takes its toll

Aug 20, 2020

A local auction house is selling off the contents of a series of hotel rooms owned by developer Rocco Termini. He needed the space because 23 rooms in his Hotel Lafayette and all 14 rooms in his Foundry Suites Hotel are being converted to apartments and most of those are already rented.

Developer Rocco termini is converting 23 rooms of his Hotel Lafayette in Buffalo to apartments because of the COVID-19 economic downturn.
Credit Mike Desmond / WBFO News

The developer says the hotel business is really bad because of COVID-19. The Hotel Lafayette relied heavily on the wedding business and that isn't very good because of social distancing.
                 
"Everybody's in the same situation," Termini said. "I don't know how easily it is to pivot with the other properties. We built ours with the original intention of being able to pivot if we needed to and I don't know if other properties have that option."

He said the hotel rooms were designed to be easily converted to apartments and more hotel rooms may be converted if the business stays bad.

Termini said hotel restaurants are also having a difficult time.

"Like everybody else, restaurants have been a major problem during this pandemic," he said. "With the 50% seating capacity, it's just very difficult for the restaurant industry to make any kind of money when you're at 50%."

Contents up for auction from the Foundry Suites Hotel.
Credit The Stock Exchange Estate Liquidators