Downtown Hyatt faced mortgage issues before the chain pulled its brand | Local News

The hotel is a rare and anachronistic example of a corporate-operated property, run by Hyatt itself instead of owner Snyder Corp. So when Hyatt made the announcement, it said it would also be laying off staff.

Hyatt’s decision not only came as a shock to city business leaders, but also to Paul Snyder and his company, according to Keith Belanger, president of Buffalo Place, the center’s business improvement organization. -city. The nonprofit’s board of directors includes Sandra Snyder Schoellkopf, executive vice president of Snyder Corp., among its directors.

“The Snyder family is very committed. They’re very concerned. They want to do the right thing for their 350 employees,” said Michael Schmand, executive director of Buffalo Place, who said he spoke to Schoellkopf on Tuesday evening. “It’s a very fluid situation. She thinks this all bodes very well for downtown Buffalo. They’re working extremely hard to get things moving.”

Local leaders said Snyder was aware of Hyatt’s concerns and desire to end its operating role in Buffalo, but had spoken with the company and did not expect a one-sided announcement.

“They were surprised by the press release. They said it was very premature for this version to come out,” said Kaler, who spoke to Snyder officials. “They worked on this day in and day out. They said they were still working on a solution. They are trying to protect the integrity of the hotel, their employees and all the business they are responsible for downtown.”

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