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JAMESTOWN - City officials see the DoubleTree by Hilton Hotel on Fourth Street as a key piece of the city's future as the developer which renovated the hotel is trying to sell.
developer Buffalo Business First is reporting that the DoubleTree By Hilton Hotel, located on Fourth Street in Jamestown has been put on the market by Hamister Group, seven years after its official reopening.
According to Buffalo Business First, Hamister Group spent $15 million to redevelop the property but says it never fully recovered from the impact of the pandemic. The 147-room property was opened in March 2019. The property went on the market a few months ago with no price, but the listing identifies the opportunity as a bank short sale available significantly below redevelopment and replacement cost.
City Development Director, Crystal Surdyk, said the city is aware of Hamister Group's plans to sell the DoubleTree and have been in communication with their team regarding the property's future.
"While we’re certainly disappointed that Hamister Group has made the decision to divest its interest in the Jamestown location, we recognize that these are business decisions that involve a number of considerations," Surdyk said. "We remain appreciative of the significant investment they made in our community and the role the DoubleTree has played in supporting downtown revitalization, tourism, and economic activity."
Looking ahead, Surdyk said the city is hopeful that new ownership will recognize the tremendous potential of the property and build on that investment, continuing to operate it as a successful, full-service hotel under the Hilton brand.
"From the city’s perspective, we believe Jamestown is at a particularly exciting point in its revitalization," Surdyk said. "Despite the setbacks brought on by the pandemic, we’ve regained considerable momentum through strong partnerships, strategic investments, and a growing pipeline of public and private development projects. With our recent $10 million Downtown Revitalization Initiative award, the Meetings and Conferences Initiative, and other efforts focused on attracting visitors, businesses, and investment, we’re actively working to create an economic environment in which downtown businesses, including the DoubleTree, can thrive."
Additionally, Surdyk said the city is optimistic about the opportunities ahead and excited to capitalize on this momentum as Jamestown "continues its transition from resilience to resurgence."
"Ultimately, our priority is to see the DoubleTree remain a successful and vibrant part of our downtown, supporting jobs, tourism, and the continued growth of our community," Surdyk said.
The city invested $2.4 million of its 2016 Downtown Revitalization Initiative award from New York state into the project to turn the former Holiday Inn property into the DoubleTree Hotel after a $21.5 renovation. The project also received a $200,000 Empire State Development grant. The Holiday Inn had been closed for almost six years before the DoubleTree opened.