One Year After Acquisition, Chartres Sells Adam’s Mark Buffalo

BUFFALO, NY—One year after Chartres Lodging Group acquired what were at the time the last five remaining Adam’s Mark hotels, it has turned around and sold one of them, the 486-room Adam’s Mark Hotel here. The property was sold to Visions Hotels. CBRE Hotels arranged the deal—at a price of $7.5 million—on the behalf of Chartres. One year ago, Chartres paid $18.6 million for the Buffalo asset. It paid about $238 million for all five Adam’s Mark properties, three of which have since been converted to other brands by Chartres. The Indianapolis Adam’s Mark remains in Chartres portfolio. Chartres also acquired the rights to the Adam’s Mark brand in that portfolio deal with HBE Corp. one year ago. The Adam’s Mark Buffalo contains three dining facilities; more than 72,000 square feet of meeting space; 12,600 square feet of rentable commercial space; a fitness facility; an indoor pool; a gift shop; a business center; and about 650 parking spaces.