2 Red Roof Inns – Cincinnati-Sharonville, OH & Cincinnati-Blue Ash, OH – SOLD by WHI
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.