COLUMBUS/CLEVELAND/CINCINNATI, Ohio
American Hotel Income Properties (AHIP) announced it has agreed to acquire, through its subsidiaries, a strategic portfolio of three Embassy Suites by Hilton branded hotels totaling 782 guest rooms located in proximity to Columbus, Cleveland and Cincinnati, Ohio, for approximately $124.0 million, including the expected cost of capital work on acquisition and the brand-mandated property improvement plans.
Here is a quick look at each of the properties that are part of the deal:
- The 284-room Embassy Suites Columbus Dublin is located in Dublin, Ohio, approximately 15 miles north of downtown Columbus at the convergence of Interstate 270 and State Route 161. The hotel is situated near a number of corporate and regional headquarters including Nationwide Insurance and Ohio State University, the third largest university campus in the United States. The property’s largest ballroom can accommodate up to 1,100 attendees.
- The 271-room Embassy Suites Cleveland Rockside is located in Independence, Ohio, approximately 10 miles south of downtown Cleveland and 12 miles east of Cleveland Hopkins Airport at the convergence of Interstate 480 and Interstate 77. The hotel is proximate to a number of demand generators including three major sporting venues that are home to MLB, NBA, and NFL teams. Cleveland is a health care hub with more than 60 hospitals including the world renowned Cleveland Clinic. The property offers a 10,000-square-foot ballroom.
- The 227-room Embassy Suites Cincinnati Rivercenter is located on the banks of the Ohio River overlooking downtown Cincinnati in Covington, Ky. The hotel is situated on land leased from the city of Covington, with the next renewal of the lease due in 2040. The hotel is proximate to a number of demand generators including the Northern Kentucky Convention Center and the Duke Energy Convention Center. The property’s Grand Ballroom can hold up to 1,400 guests.
This sales transaction is expected to close in late Jan. 2017, subject to customary closing conditions and documentation. The hotels will be managed by AHIP's hotel manager, Tower Rock Hotels & Resorts Inc.
