BUFFALO, N.Y. — Real estate investor Douglas Jemal is negotiating with the Snyder family to acquire the $20.7 million mortgage note for the 396-room Hyatt Regency Buffalo.
The hotel at 2 Fountain Plaza has been closed since March because of the Covid-19 pandemic. Jemal is negotiating what is called a "deed in lieu of foreclosure," with a formal deal expected within the next few weeks. Combined the mortgage note and buying the property from Snyder family interests will give Jemal ownership of the hotel.
The note is connected to a $25.5 million loan by Genesee Hotel Properties LLC, which is controlled by the Snyder family, who still own the hotel. The loan is from Citigroup Commercial Mortgage Securities Inc. and now controlled by a New York State Supreme Court ordered special servicer, LNR Partners LLC of Miami.
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