Clarence construction contractor and developer Paul Bliss has completed his acquisition of the Buffalo Airport Inn in Lancaster following a foreclosure auction several weeks ago.
Bliss, owner of Bliss Construction LLC, paid $1.35 million to buy the 88-room motel from Harjinder K. and Kabal S. Virk, through Singh Lodging Inc. Following the deal, he closed the motel, while he finalizes his plans for redevelopment.
"We are weighing our options," he said.
The 30,435-square-foot motel, which sits on 1.92 acres just off Transit Road near Salvatore’s Grand Hotel and the Thruway, was formerly a Microtel, a Knights Inn and a Rodeway Inn before doing business under its current name. It is appraised at $2.8 million and is currently assessed at $2.5 million, with about $80,000 in annual taxes.
It was foreclosed by Zions Bank of Utah, the lender that was owed $1.38 million on a prior mortgage by the Virks, who had purchased the motel in January 2007 for $2.25 million. But Bliss beat out Zions during the February auction to claim the property.
The contractor, who said he represents a group of investors, previously said that they were attracted by the motel's location near Transit Road, the Thruway exit and the Buffalo Niagara International Airport. But he had declined to elaborate on their plans, and said Wednesday that he still needs "a few weeks before I can announce anything."