Buffalo, N.Y. (WBEN) - It was a pricey formality inside the Erie County Clerk's Office in Erie County Hall Wednesday morning when representatives for Douglas Jemal's Jemal's Genesee LLC placed the sole bid on the Hyatt Regency Hotel in a foreclosure auction.
The $15 million opening offer was the only bid made on the property with one other auction attendee sitting out for the bidding.
"Sold," the auction referee exclaimed emphatically after a few minute pause following the lone bid.
The credit bid is a formality that allows for the finalization of the deed on the property which Jemal has controlled for months after assuming the mortgage and expenses on the property months ago.
The 396 room hotel had been closed for months and has undergone a soft reopening of sorts as Jemal conducts millions of dollars in improvements to the landmark hotel property located at 532 Main Street.
