Cincinnati Office of Molinaro Koger Sells Holiday Inn Cincinnati North
CINCINNATI, OH, February 8, 2006. Molinaro Koger announced today that they acted as advisor to Sharonville Hotel Corporation in the sale of the Cincinnati Holiday Inn North to Hauck Hospitality, LLC, for an undisclosed price. Terry O'Brien, Managing Director of Molinaro Koger's Cincinnati office, structured the transaction for Sharonville Hotel Corp. The hotel will remain a Holiday Inn and Columbus Hospitality will manage the hotel.
"This was a great opportunity to acquire a well-located, quality asset at well below replacement cost," commented Mr. O'Brien, who marketed the property and assisted the seller in identifying a purchaser capable of closing rapidly.
The 12-story, 275-room hotel is located on the I-275 outer belt near Sharonville, approximately 12 miles north of downtown Cincinnati.
The hotel's operating numbers are likely to benefit from the recent completion of Cincinnati's new convention center, according to Mr. O'Brien who believes the local hotel market is poised for significant growth in coming months.
In addition to retaining the Holiday Inn brand for the property, the new owners plan on investing in substantial renovations to the hotel over the course of the next year.
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
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