Former Ramada Trades for $2.5M

A large hotel located just outside Cincinnati’s central business district has changed hands earlier this month. The former Ramada hotel at 800 W. Eighth St. was acquired by an affiliate of New Zealand-based VR Group, for $2.5 million, the Cincinnati Business Courier reports. AAIG of Cincinnati LLC, a company made up of a group of California investors, was the seller.

Guest Inn and Suites Cincinnati

A former Ramada located just outside Cincinnati’s central business district is under new ownership. An affiliate of New Zealand-based VR Group bought the property at 800 W. Eighth St. for $2.5 million, the Cincinnati Business Courier reports. AAIG of Cincinnati L.L.C., a partnership of California investors, was the seller.

Completed in 1964, the 12-story, 122,000-square-foot property offers 225 guestrooms, as well as an outdoor pool, restaurant, lounge and five conference rooms. The hotel was most recently renovated about five years ago. It became independent in 2014 and is now known as the Guest Inn and Suites.

AAIG of Cincinnati bought the hotel in 2008 for $2.8 million, from a subsidiary of Neyer Holdings Corp. It listed the property for sale at the start of 2014. The listed price was $3.6 million. Centerville-based Baltes Commercial Realty marketed the property.

The new owners did not immediately disclose their plans for the property. According to the Business Courier, a building permit for $50,000 in interior renovations was issued in March.

Photo credit: Guest Inn and Suites Cincinnati