hotel niagara

No Sale For Hotel Niagara

Filed under: Luxury Travel & Hotels, Auctions

A hotel that once hosted President John F. Kennedy, Marilyn Monroe and sports legend Joe DiMaggio failed to sell at auction this week. The Hotel Niagara was built in 1925 and was considered one of the top hotels in Niagara Falls, New York for decades through the 1980s. The hotel fell into disrepair in recent years but in 2008 it looked like the hotel would have a second chance at glory when Amidee Hotel Niagara, LLC started work on a multi-million dollar restoration. Local news station WKBW reports that the parent company, Amidee Capital Group hit hard times and work stopped. Eventually Amidee Hotel Niagara LLC was unable to pay State Bank of Texas $3,277,803.61 for principle, interest, and past due fees and a court-ordered auction was ordered. Although many people attended including Buffalo developer and former NY gubernatorial candidate Carl Paladino, the only one bidding was Hotel Niagara's former mortgage holder, State Bank of Texas, which offered one million dollars to purchase the property. The bank will be seeking a new owner for the hotel.

Tags: bankruptcy, hotel niagara, niagara falls