News for the Hospitality Executive |
Two Red Roof Inns - Cincinnati-Sharonville, OH & Cincinnati-Blue Ash, OH SOLD by Warmbrodt Hotel Investments, Inc. |
December 10, 2012 -
Warmbrodt Hotel
Investments, Inc. ("WHI") is pleased to announce the sale of the two
Red Roof Inns in Cincinnati, OH - Sharonville and Blue Ash. WHI acted
as
exclusive adviser on these separate transactions on behalf of one of
its
institutional clients.
Red Roof Inn consistently achieves high rankings in J.D. Power & Associates Guest Satisfaction Index Studies in the economy budget segment. The company has been expanding their franchise platform by selling certain assets to qualified franchisees. In conjunction with their $90 Million dollar renovation initiative, Red Roof is strategically implementing the NextGen redesign for all their properties and has been very well received by travelers.
The property in Cincinnati-Sharonville, OH
is a 108-room, three-story, exterior-corridor property built in 1987
and was
totally renovated in 2006. The property in Cincinnati-Blue Ash, OH
is a 108-room, two-story, exterior-corridor property, consisting of two
buildings, built in 1984 and was totally renovated in 2005 and 2006.
Both
Sharonville and Blue Ash properties will be renovated to new standards
and will
maintain the Red Roof Inn franchise.
"The properties consistently
exceeded the market in all three
operating metrics. The stable revenue fit well with the two operators
who purchased separately," said Zane Varvel, Vice President of WHI -
Chicago
office.
WHI is a growing real estate firm specializing in the disposition, acquisition, financing, and debt restructuring of hospitality related assets throughout the United States. For further information about this property and other current hotel property offerings, please contact Herb Warmbrodt in Kansas City at (913)381-3737, [email protected] or Zane Varvel in Chicago at: (312) 262-5930, [email protected]. |
Warmbrodt Hotel Investments Kansas City Office 2020 West 89th Street Leawood, KS 66206 913-381-3737 Chicago Office 22 W. Washington Street, Suite 1500 Chicago, IL 60202 312-262-5930 [email protected] www.whikc.com |