Plans call for investing at least $ 500,000 in the yard and lobby, a pair of elevators, a fireplace, and other cosmetic changes such as laminate hardwood floors. But it won’t require millions of dollars, Stephen said.
“The Holiday Inn has always been a great hotel,” he said. “We’re just fine-tuning it, small steps at a time.”
The hotel already has a large banquet hall, but Stephen plans to open a new restaurant by May or June, to replace longtime occupant Max’s Classic American Grill. And while it has a fitness center and indoor hot tub, the new owners are ditching the outdoor pool, which will be filled.
“We’re going to make the court something really special,” Stephen said. “We’re pretty excited about this property, but we have to reinvent ourselves. It’s going to be a great success.”
Perets, the former owner, bought the hotel in late 2019 for $ 3.7 million from a subsidiary of LNR Partners. Miami Beach-based special loan service LNR took possession of the hotel for $ 1 million in January 2017 after foreclosing on an earlier $ 7.7 million mortgage from the US bank at Buffalo-based Hart Hotels .
Perets, who said at the time that he had long dreamed of getting into the hotel business, was drawn to its location and size. At the time of its purchase, it was valued at $ 5 million. He called in new management, planned a new vision for it, and even considered moving to Buffalo.