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	<title>Multi-Housing News Online | Market Uptick Prompts Plans to Build 2 Hotels on Olentangy Rd.</title>
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		<title>Multi-Housing News Online &#187; Market Uptick Prompts Plans to Build 2 Hotels on Olentangy Rd.</title>
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		<title>Market Uptick Prompts Plans to Build 2 Hotels on Olentangy Rd.</title>
		<link>http://www.multihousingnews.com/cities/columbus/market-uptick-prompts-plans-to-build-2-hotels-on-olentangy-rd/1004074106.html</link>
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		<pubDate>Thu, 14 Feb 2013 17:20:52 +0000</pubDate>
		<dc:creator>amaties</dc:creator>
				<category><![CDATA[Columbus]]></category>
		<category><![CDATA[construction]]></category>
		<category><![CDATA[Development]]></category>
		<category><![CDATA[economy]]></category>

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		<description><![CDATA[Hotel occupancy in the Midwest continues to recover from the low levels of the recession. In Ohio it rose to 56.5 percent, according to Marcus&#038;Millichap. The increase is a result of a decline in available rooms.]]></description>
			<content:encoded><![CDATA[<p><em>By Adrian Maties, Associate Editor</em></p>
<p style="text-align: justify">Ohio’s recovering hospitality market is motivating developers<a href="http://synd.yardi.com/wp-content/uploads/2013/02/columotel.jpg"><img class="alignright size-medium wp-image-102798" src="http://synd.yardi.com/wp-content/uploads/2013/02/columotel-279x300.jpg" alt="" width="279" height="300" /></a> to start building new hotels in the Columbus area. According to <em>Columbus Business First</em>, two such projects will start in the near future along Olentangy River Rd.</p>
<p>Sintel Hotel Group Inc. plans to start construction late this year on a 95- to 98-key hotel at 3121 Olentangy River Rd. The $12.5 million, eight-story property will include a two-level parking structure with spaces for 99 vehicles and meeting space that can accommodate up to 75 guests.</p>
<p>Sintel, which owns the nearby Holiday Inn Express at 3045 Olentangy River Rd. plans to unveil the hotel’s flag next month.</p>
<p>Not far from the Sintel project, David Patel, a local hotel investor and operator, plans a May construction start for an $18.5 million Hampton Inn &amp; Suites. Located on a long-vacant site at 3160 Olentangy River Rd., the hotel would include 36 two-room suites, 114 standard guest rooms and meeting space for up to 100 guests. Brackett Builders Inc., the general contractor, is expected to complete construction next year.</p>
<p>The announcements of the new projects coincide with steady improvement in the hospitality market. According to Marcus &amp; Millichap Real Estate Investment Services Inc., occupancy has risen to 56.5 percent.</p>
<p style="text-align: justify">In other hospitality  news, the AAA auto club has recently awarded its Four Diamond Award to five hotels in Columbus:</p>
<ul style="text-align: justify">
<li>
<h6>the Westin Columbus;</h6>
</li>
<li>
<h6>the Hilton Columbus at Easton;</h6>
</li>
<li>
<h6>the Renaissance Downtown Columbus;</h6>
</li>
<li>
<h6>the Hilton Columbus at Polaris;</h6>
</li>
<li>
<h6>the Embassy Suites Columbus Airport.</h6>
</li>
</ul>
<p style="text-align: justify">Only 14 Ohio hotels have received the AAA Four Diamond rating.</p>
<p><em>Chart courtesy of Marcus &amp; Millichap Real Estate Investment Services Inc.  </em></p>
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