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Ramada
Hotel Downtown –
Cincinnati, Ohio
 Ramada Hotel Downtown was built in 1964 as a full-service Holiday Inn
Hotel. The 12-story, property enjoys a prominent location in
downtown Cincinnati with strong visibility from both Interstates 71 and
75.
The hotel benefits from being less than one mile from the Duke Energy
Convention Center and two miles from The Great American Ballpark and
Paul
Brown Stadium. Ramada Hotel Downtown contains 242 guestrooms, an
outdoor swimming pool, restaurant and rooftop ballroom.
Challenge
Based on the poor operating performance and necessary capital improvements,
finding a buyer who could undertake a significant turnaround effort
was difficult. Further, top tier franchises were not available for
the property and financing was challenging to obtain.
| |
Year 1 |
Year 2 |
Year 3 |
| A.D.R. |
$56.00 |
$60.79 |
$53.60 |
| Occupancy |
27.3% |
24.1% |
27.7% |
| RevPar |
$15.27 |
$14.65 |
$14.84 |
| Room Revenue |
$1,293,205 |
$1,240,213 |
$1,256,256 |
| Total Revenue |
$1,370,389 |
$1,290,920 |
$1,352,225 |
| NOI |
-$326,776 |
-$426,662 |
$4,501 |
Hotel Sales & Marketing Process
Through an aggressive national sales and marketing process, prospective
buyers who had an appetite for acquiring hotels that were in need
of major repositioning were targeted.
Results
The buyer who eventually closed on the purchase of the property was
an East-coast owner-operator who planned to reposition the property
with a different franchise. In addition, he saw additional value
in securing a lease for the food and beverage operation.
| Check in with Hotel Source, Inc., and let us show
you what we can do for you. Contact
Us for more information.
Email us at
, or give us a call at 312.362.0624. |
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