Buyer emerges for White Inn, but balks at price
OBSERVER Staff Report
A previous owner of The White Inn in Fredonia has shown an interest in repurchasing the property.
Robert Contiguglia says in a letter in today’s OBSERVER that he had “extensive discussions” with current owner Jeff Gambino in buying the historic building in the village. However, he says the asking price by Gambino is far too much.
“Based on a financial analysis with data he provided, I determined his asking price of $1.125 million — listed on Buffalo-Hotel Realty, LLC — was higher than the property was worth,” Contiguglia said. “I made a counter-offer, which he promptly rejected.”
Gambino told the OBSERVER he closed the three-story, 24-room hotel on Main Street in Fredonia for the winter months.
He also said while he’s looking to sell the hotel, the plan is to open it back up sometime in May if there’s no buyer by then.
“It’s a great viable business,” Gambino said in January. “We’re hoping it will be reopening with someone who’s local who can open back up the food and beverage. If that opens up, it once again becomes viable year-round.”
While the hotel has been closed since the winter, the food and beverage portion has not been in operation since December 2016.