AMHERST, N.Y. — For the second time this year and the third time in the past two years, the Buffalo Niagara Marriott is headed for an online auction.
Rialto Capital Advisors LLC, the Miami-based special servicer that has owned the 356-room hotel since April, has put the Buffalo Niagara Marriott back on the auction block, with the date set for Dec. 12-15. The hotel remains open and fully operational.
Bidding will begin at $5.5 million, $10.5 million less than Rialto’s RSS UBSC2011-C1-NY PNY LLC affiliate bid of $16 million for the building during a State Supreme Court-ordered April 1 auction. Developer Douglas Jemal was the only other bidder, but he dropped out at $15.5 million, citing potentially expensive renovation costs for the hotel.