Former Ramada outside Cincinnati hits the sale block

The former Ramada hotel in Queensgate, Ohio, just outside Cincinnati, is for sale and the asking price is reportedly more than $3.6 million, reports the Cincinnati Business Courier.

The 12-story, 225-room hotel is being marketed for sale by Baltes Commercial Realty. “For the price, it’s a good buy per room,” Baltes said. “But the property does need some work.”

The hotel is now operating as an independent, under the name: Guest Inn and Suites. The Ramada sign remains on the building, but will be coming down within the next 30 days.

Built in 1964, the 122,000-square-foot building was last renovated about five years ago. Baltes said the low price per room of about $16,200 makes it attractive to potential buyers.

The hotel is currently owned by AAIG of Cincinnati LLC, which purchased the property in 2008 for about $2.8 million.