TPG adds three Buffalo properties to portfolio

TPG Hotels & Resorts has been selected by Douglas Development to manage three upscale, independent boutique properties in Buffalo, NY. The properties include The Richardson Hotel, The Roycraft Inn and The Mansion on Delaware.

“These historic assets have been meticulously redeveloped and maintained by a premier ownership group,” said Ben Perelmuter, president, TPG Hotels & Resorts. “We feel privileged to be entrusted with the management of these extraordinary properties by Douglas Development. Our sophisticated management systems, marketing and revenue management strategies will enhance the value of the assets and drive performance ahead of their competitive set in the market. The addition of these properties to our growing third-party managed portfolio aligns perfectly with our strategy to seek high-quality third-party management opportunities of branded and non-branded assets throughout the U.S.”

The 88-room Richardson Hotel is an adaptive-reuse that transitioned from an 1870s New York State psychiatric hospital to a historic upscale boutique hotel. The property sits on 40 acres adjacent to Buffalo State University and within close proximity to the Buffalo Zoo, Shea’s Performing Arts Center and Niagara Convention Center. It features a 24-hour fitness center, a business center and more than 7,000 sq. ft. of meeting space.

The 28-luxury suite Roycroft Inn is a historic property that is part of the Roycroft Campus, which was opened in 1897 by Elbert Hubbard, who founded the American Arts & Crafts Movement in East Aurora, NY. In 1905, The Roycroft Inn began welcoming guests and artisans. The campus received National Landmark Historic status in 1986 and underwent an $8-million renovation in 1995. It was reopened to guests in 1995 and features a restaurant and gardens available for life-cycle events.

The 28-room Mansion on Delaware is a 19th-century mansion that transitioned into an upscale hotel and event center. The property is located near Shea’s Performing Arts Center and The Buffalo Science Museum.

“TPG Hotels & Resorts has proven themselves as a trusted management partner over the past several years,” said Douglas Jemal, founder, Douglas Development. “We are confident TPG will continue to deliver top-tier performance with these exceptional, market-leading properties in Buffalo.”