Project Description

The 124-key Comfort Inn & Suites is situated within the CBD of Newport, KY and is located across the Ohio River from the Cincinnati, CBD. The hotel was built in 1997, has 6 stories, and features block/steel construction. Hotel facilities include a breakfast area, business center, fitness center, guest laundry, and meeting spaces. Cincinnati has a population in excess of 2MM people. Major hotel demand drivers include the world headquarters of Proctor & Gamble, Macy’s Inc, AK Steel, and GE Aviation. The University of Cincinnati and Northern Kentucky University are both located within close proximity of the hotel. The Hotel is also within walking distance to the Newport Aquarium and various retail destinations.

LOCATION: Newport, Kentucky

YEAR BUILT: 1997

NUMBER OF ROOMS: 124

AQUISTION DATE: July 2015

PROJECTED IRR: 24%

PROJECTED EQUITY MULTIPLE: 2.16

BUSINESS PLAN: Renovation/Management Realignment