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.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

The Dallas-based company has added six Caribbean resorts to its portfolio. 

Hotels in Brazil recorded 4.7 percent RevPAR growth in 2018 after three years of decline and the signs are positive for at least the next year.

The Holiday Inn Dehradun Mussoorie Diversion Road is slated to open in 2023.