Mumford Company represented SMC Hotel Partners in the sale of the Radisson Hotel Cincinnati Riverfront of Covington, Ky., to Tasico Garfield. The purchasers were a Canadian investment group that plans to make extensive renovations to the hotel and to retain the Radisson franchise.
Terms of the deal were not disclosed.
David Mumford, senior principal in Mumford Company’s Newport News, Va., office along with Justin Pinkard, VP in the firm’s Washington, D.C., office, represented the seller. “We truly created a win-win scenario on this transaction” said Pinkard. “Our seller needed to dispossess a non-core asset and our purchaser was looking to acquire a high quality hotel with a bright future at a significant discount to replacement cost. Both parties worked diligently to meet these objectives and get us to the closing table”.
The hotel is situated off Interstates 71 and 75 on the Kentucky side of the Ohio River from downtown Cincinnati. The 18-story, 220-room hotel was built in 1972 and includes two restaurants, one of which is a revolving rooftop restaurant, meeting space, lounge, fitness center and indoor pool and parking garage. Regional demand generators consist of Paul Brown Stadium, Great American Ball Park, Newport Aquarium and Newport on the Levee and the Cincinnati/Northern Kentucky International Airport.