Hyatt Place Hotel – a 128-room, six-story hotel at 310 Rainbow Blvd. in downtown Niagara Falls – has opened, six years after it was proposed, the Hamister Group announced.
Financing for the $35 million project included hefty state and local incentives.
The Hamister Group received a $3.85 million grant from USA Niagara Development Corp., the local arm of Empire State Development. The project also received a 10-year break on property and sales taxes from the Niagara County Industrial Development Agency, saving Hamister an estimated $4.25 million.
Goldman Sachs, the Wall Street investment banking firm, provided $25 million in financing before ground was broken in July 2016.
In 2013, the Niagara Falls City Council voted, 3-2, to sell the city-owned lot to Hamister for $100,000, after members were pressured by Gov. Andrew M. Cuomo.