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.
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.
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.
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.
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