This 95 room hotel was purchased in partnership with Angelo, Gordon and Co. The seller of the property, Marine Midland Bank, had foreclosed on the property and completed a $3.5 million renovation before selling. Because Marine Midland was selling the property just after completing a renovation, they did not have the benefit of realizing the fruits of their labor. As a result, ownership saw an opportunity to significantly improve cash flow by continuing to build a customer base and improving service levels. Amerimar took an unprofitable restaurant and leased it at a significant rental rate to a quality operator obligated to perform at high standards. During the first year of operation, Amerimar doubled the net operating income, a significant increase. In addition to reversing food and beverage losses, Amerimar achieved success by simultaneously increasing both average daily rates and occupancy. In 1997, the property was sold for a significant profit.