Buffalo Grand Hotel owner Harry Stinson is working to adjust his plans for the hotel after an expected financial partner fell through.
His agreement with investor Perry Davis, who has Buffalo ties, fell through after Davis called in the early hours of Friday morning to change the details, Stinson said. Stinson adds he couldn’t accept the proposed changes but harbors no ill will on the matter.
“The terms were just not even close to acceptable for us, and perhaps it's not uncommon in negotiations for people to take positions and change positions and eventually get sorted out," he said. "I remain receptive. I'm not bitter toward Perry.”
Stinson remains in talks with other parties and said he has an offer from a lender.
If the money can be secured, almost all the rooms can be ready for use within three months, he added.
"They're not tens of millions of dollars, but they're still, you know, six-figure to seven-figure things to do, and we don't really have that sitting around," Stinson said. "No point in spending a little bit of money on something that isn't there."
According to the City of Buffalo, a clearer understanding of the situation is expected after Stinson meets Monday with city leadership to discuss the situation.
Wednesday was the city's deadline for Stinson to demonstrate he had a course of action for the hotel and that code violations were being addressed. That coincided with Stinson's original public announcement that he had found a new investor.
Many of the required actions are smaller items, like making sure elevators are running and up to code, and repairing any doors that need work, Stinson said.
It was reported in October that the hotel had nearly 20 housing court violations, and Stinson owed more than $350,000 between unpaid taxes, sewer charges, and various other bills and fees.
