Cincinnati’s Garfield Suites Hotel Changes Hands
By Adrian Maties, Associate Editor
CBRE Hotels announced the sale of Cincinnati’s Garfield Suites Hotel. Cincinnati Lodging Associates–a joint venture of Sun Development, Hotel Capital and Silver Rock–is the property’s new owner. It plans to convert the all-suite hotel into a DoubleTree Suites.
The Garfield Suites Hotel is located at 2 Garfield Place, in the heart of Downtown Cincinnati, near some of the best restaurants and nightlife. The 16-story hotel offers 153 suites, as well as 20,000 square feet of leasable space, including a 7,053-square-foot restaurant on the ground level and a two-floor fitness center. Amenities include full kitchens, living rooms with 42-inch plasma TVs and Wi-Fi, free shuttle service and attached covered parking.
The Garfield Suites Hotel is the closest hotel to one of Cincinnati’s newest attractions, the $400 million Horseshoe Casino, which opened this March. Other nearby attractions include the Cincinnati Reds, U.S. Bank Arena, Cincinnati Museum Center, Cincinnati Children’s Museum, Aronoff Theater and Duke Energy Convention Center.
Garfield House L.P. was the upscale hotel’s previous owner. It retained CBRE Hotels as the exclusive advisor and was represented by Eric Belfrage, first vice president of CBRE Hotels in Columbus, and Peter Greene, first vice president of CBRE Hotels in Chicago. The terms of the deal were not disclosed.
“Downtown Cincinnati is a dynamic live-work-play environment, and the Garfield Suites Hotel was a fabulous opportunity,” Bharat Patel, CEO of Sun Cos., said in a statement for the press. ”We recognized the mixed-use opportunity of an all-suite hotel with penthouse suites, office and ground-floor retail space. The location is also tremendously dynamic between Kroger and Macy’s headquarters. The gentrification of the ‘Over the Rhine’ neighborhood and the new casino add to the unique environment.”
Photo credits: CBRE HotelsTags: Acquisitions/Dispositions, Brokers, CBRE, CBRE Hotels, Cincinnati, Cincinnati Lead Story, Cincinnati Lodging Associates, Commercial, DoubleTree Suites, economy, Garfield House Limited Partnership, Garfield Suites Hotel, Hospitality, Hotel, Hotel Capital, Local, National, Regional, Silver Rock, un Development