TORONTO, Sept. 28, 2022 K2 Group, a leading Canadian investment firm, today announced the acquisition of the Holiday Inn Express & Suites hotel at 10111 Niagara Falls Boulevard in Niagara Falls, New York. The deal marks the fifth Niagara Region hotel property, and first US hotel, for K2 Group’s growing hospitality portfolio.
“We are confident in the strength and continued growth of the Niagara Falls region as a popular, dynamic vacation and business-travel destination. We are excited to have found a great value-add hotel opportunity on the American side of Niagara Falls. This property is already one of the best performing hotels in the area and we expect to improve its performance even further with renovations, expected to be completed in Q4 of 2023,” said Kailash Kasal, President, K2 Group.
K2 Group plans to spend three million dollars (USD) to improve the four-story property by renovating both the exterior and interior of the hotel, as well as upgrading all guestrooms to InterContinental Hotels Group‘s (IHG) latest formula blue PIP standards.
“This acquisition is a testament to the success of K2 Group’s core hospitality investment strategy of purchasing and then developing and repositioning well-situated hotels in high-growth markets,” added Kasal.
Holiday Inn Express & Suites Hotel is located across the street from Niagara Falls International Airport, just six miles from downtown Niagara Falls. Situated near several local tourist attractions, the hotel provides guests close access to Seneca Niagara Resort & Casino, Niagara Falls State Park, Niagara Aerospace Museum, the Fashion Outlets of Niagara Falls, and Niagara Falls Air Force Reserve Station. Several dining, retail and entertainment establishments are also located within a short distance of the property.
The hotel features a host of amenities that accommodate business and leisure travelers, including an onsite business center, heated indoor pool, fitness center, laundry facilities, 500 square feet of meeting space, and complimentary high-speed Wi-Fi.
“For more than three decades Holiday Inn Express has emphasized the power of simple, smart travel and a consistent and memorable experience that removes barriers for guests,” said Anto Vrdoljak, Regional Director, Franchise Sales & Development – Canada at IHG Hotels & Resorts. “We are very excited to welcome K2 Group to the IHG Family and look forward to working with their team on this project and more to come in the future.”
“Our city is pleased to welcome K2 Group to our business and hospitality communities. As one of Canada’s top investment groups, their proven track record and development plans for the Holiday Inn Express & Suites will further enhance the visitor experience in Niagara Falls, USA,” said Robert Restaino, Mayor, Niagara Falls, New York.
K2 Group continues to pursue opportunities in North America to grow its hospitality portfolio, with an emphasis on targeting strategic, value-add hotel deals that offer potential for above-market returns through investment in property upgrades and efficient management.
With investments under the umbrellas of hospitality, petroleum and senior living, K2 Group was recently recognized both as one of Canada’s Top Growing Companies in 2022 by Globe and Mail‘s Report on Business Magazine and an Innovation Leader on the 2022 list highlighting Canada’s Top 50 most progressive companies by Canadian Business.