Adam's Mark step closer to Crowne Plaza
Business First of Buffalo - by James Fink
Monday, August 9, 2010
With a conversion to the Crowne Plaza chain in the offing, the Adam's Mark Hotel has cleared a key financial hurdle connected with the change over to the new brand name.
The Erie County Industrial Development Agency's directors approved $470,000 in sales-tax breaks for WNY Lodging LLC, owners of the downtown Buffalo hotel. The vote was taken on Monday.
Corning-based Visions Hotels Inc., parent of WNY Lodging, is planning to invest $5.6 million to switch the 486-room hotel -- the second-largest in the region -- from an Adam's Mark to a Crowne Plaza.
The Crowne Plaza conversion has been in the works since Visions bought the hotel in early 2009 for $8.87 million.
With the switch to the Crowne Plaza brand, WNY Lodging said it expects to add 12 new full-time positions. It currently has 137 full-time employees and 110 part-time workers.
Besides the WNY Lodging deal, the ECIDA directors also approved a tax-abatement package for Anderson Equipment Co. Inc. to help finance its move from Buffalo to the Town of Tonawanda. Anderson acquired Rupp Rental and Sales several years ago.
The IDA directors, through the agency's Regional Development Corp., approved three loans under a micro-loan program that targets women or minority-owned small businesses. The loans included:
• Cafe at Masten and Eaton receiving a $35,000 package.
• Cedar's Bakery, which has locations in Orchard Park and Buffalo, receiving a $35,000 loan.
• Thou Art is Beautiful in Buffalo receiving a $5,000 loan.