K2 Group acquires Holiday Inn Express & Suites Hotel in Niagara Falls, N.Y.

K2 Group has announced the acquisition of the Holiday Inn Express & Suites Hotel at 10111 Niagara Falls Boulevard in Niagara Falls, New York. The deal marks the fifth Niagara Region hotel property and the first U.S. hotel for K2 Group's growing hospitality portfolio.

"We are confident in the strength and continued growth of the Niagara Falls region as a popular, dynamic vacation and business-travel destination. We are excited to have found a great value-add hotel opportunity on the American side of Niagara Falls. This property is already one of the best performing hotels in the area and we expect to improve its performance even further with renovations, expected to be completed in Q4 of 2023," said Kailash Kasal, president, K2 Group.

K2 Group plans to spend three million dollars (USD) to improve the four-storey property by renovating both the exterior and interior of the hotel, as well as upgrading all guest rooms to InterContinental Hotels Group's (IHG) latest formula blue PIP standards.

Holiday Inn Express & Suites Hotel is located across the street from Niagara Falls International Airport, six miles from downtown Niagara Falls.

K2 Group continues to pursue opportunities in North America to grow its hospitality portfolio, with an emphasis on targeting strategic, value-add hotel deals that offer the potential for above-market returns through investment in property upgrades and efficient management.

With investments under the umbrellas of hospitality, petroleum and senior living, K2 Group was recently recognized both as one of Canada's Top Growing Companies in 2022 by Globe and Mail's Report on Business Magazine and an Innovation Leader on the 2022 list highlighting Canada's Top 50 most progressive companies by Canadian Business.