NY's landmark Hotel Niagara sold at auction

AP News
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Posted: Apr 27, 2011 9:33 AM
NY's landmark Hotel Niagara sold at auction

A Canadian developer's $1.25 million bid was the winner in the auction of a landmark hotel in downtown Niagara Falls, N.Y.

Jamil Kara of Vancouver, British Columbia outbid 10 others who qualified for Tuesday's auction of the 76-year-old Hotel Niagara. Kara says he plans to convert the 12-story building into a boutique hotel with condominiums.

Kara's been involved with real estate development projects in Toronto and other parts of Canada.

The former 193-room hotel is viewed by local officials as a key to revitalizing the city. Its guest list included actress Marilyn Monroe, who stayed there in 1952 while filming "Niagara."

The State Bank of Texas took over the property after bankruptcy proceedings began against Amidee Hotel Niagara, the previous owner.

Kara's purchase is expected to close by late May.