HVS Capital Corp (HVSCC) is pleased to announce that it served as exclusive financial advisor to West Genesee Hotel Associates (WGHA) and successfully arranged senior mortgage financing on the 396-key Hyatt Regency Hotel (Hotel) and an adjacent 32,000 square foot office building located in downtown, Buffalo, New York. WGHA is the original developer of this first-class, full service lodging facility built in 1984 as an adaptive reuse and expansion of a historic, 16-story office building. The transaction allowed the completion of a series of extensive property improvements and upgrades enhancing almost every aspect of this Hyatt Corporation managed convention center hotel which is considered vital to Buffalo’s resurgent economy.
“The exceptional condition and impressive performance of the Hotel enabled us to attract extensive hospitality lending relationships to develop various financing options for WGHA, a long-standing HVSCC client,” explains Bill Sipple, Managing Director of HVS Capital Corp. “As a result of this process, a major investment bank provided a maximum LTV, non-recourse mortgage with an interest rate of approximately 5% which, among other things, enabled various city and county credit facilities to be retired prior to maturity.”
Sipple also notes that “Buffalo has attracted an impressive amount of new corporate investment by companies such as Health Now, GEICO Insurance, GM, Citigroup, and Yahoo. This has had a positive impact on the economy, job growth and the performance of the Hyatt Regency. The region's largest economic sectors are health care and education, which continue to grow despite the lagging national and worldwide economies. Economic demand in Buffalo is not just generated by Western New York, but by the province of Ontario Canada, which is part of the fastest growing economy in North America.”
HVS Capital Corp
Tel: +1 (303) 512-1226
HVS Sales & Marketing Services
Tel: +1 (516) 248-8828 ext. 278