The Hamister Group has dropped its lawsuit attempting to reduce the property taxes on its Hyatt Place hotel in Niagara Falls.
A settlement, filed last week, showed the assessment on the hotel will remain at the $4.55 million set by City Assessor James R. Bird for 2018-19. That figure will remain unchanged through the 2021-22 tax year. The settlement bars the city from changing the assessment or Hamister from challenging it again until then.
Thomas O'Donnell, deputy corporation counsel, called the outcome a win for the city.
"Hamister is pleased that we were able to negotiate with the city and end up with a mutually beneficial agreement," a company statement said.
Hamister's lawsuit last summer sought to cut the assessment to $2.37 million.