From the Niagara Falls Review:
Niagara’s DiCienzo family has picked up two of the best views of the Horseshoe Falls after buying the Marriott Fallsview and Sheraton Fallsview hotels last week.
“We’ve been looking for acquisitions for a little while. This move seemed to make sense,” said Dino A. DiCienzo, one of four children of patriarch Dino DiCienzo Sr., now involved in the family business.
He wouldn’t disclose how much his family paid to buy them from the family of Cosmo Menechella, another Falls family in the hotel business.
But tax rolls at city hall list the 32-storey Sheraton Fallsview’s assessment at $51.9 million and the 30-storey Marriott Fallsview’s at $66.3 million. Property assessments are supposed to reflect what a property could be sold for on the open market, though sale prices can deviate from assessed values.
The transaction means the DiCienzos have added the two Fallsview area hotels to their holdings on Falls Avenue — the Crowne Plaza and Sheraton on the Falls, as well as the Skyline Inn and Hampton Inn on Victoria Avenue.
Buffalo Business First also has an article called “Ownership change for 2 N.F., Ont. hotels” with information…
I’m confused about the former owners. I thought Romzap owned the Sheraton Fallsview and that by selling it, they could then start the development on the Loretto lands. Did it get sold to Menechella at some point?
Yeah what gives? I worked at the Sheraton Fallsview only 3 years ago and it was owned by Romzap.
Interesting move though by the DiCienzos though, there was a rumour they were looking at my hotel but there are always rumours of power plays and developments in this city lol.
The Sheraton Fallswview was sold by the owners, Zappatelli’s and Roman Cheese (Romzap) to the Menechella’s however the property of Loretto is still owned by Romzap and two developments are planned for that property along with turning the Loretto into a Hotel/Condo.
To bad their too cheap on hiring staff and overworking their current staff. This is unfortunate for the Niagara Falls community.
-0.2c
menechella you called me at 630 this morning whats up? call me again 604-946-6494