Former Ramada in Ohio sold for $2.5M

A former Ramada hotel just outside Cincinnati’s central business district sold for $2.5 million.

An affiliate of New Zealand-based VR Group purchased the 12-story, 225-room hotel from AAIG of Cincinnati, which was made up of a group of California investors. A little more than a year ago, the Queensgate hotel was being marketed for sale with a list price of $3.6 million. Located at 800 W. Eighth St., the hotel became independent last year, known as the Guest Inn and Suites.

The building has an outdoor pool, restaurant, lounge and five conference rooms. The purchase price breaks down to just over $11,100 per room.

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For a comparison, the Garfield Suites hotel sold for $8.7 million, or nearly $57,000 per room, in December 2013.

Built in 1964, the 122,000-square-foot building was last renovated about five years ago. Terry Baltes, managing member of Centerville-based Baltes Commercial Realty, was marketing the hotel for sale last year.