Portman Holdings Acquires Hotel From Host Hotels & Resorts For $60 Million In Cincinnati

The hotel asset involved in the transaction is the Westin Cincinnati located at 21 East 5th Street in Cincinnati, OH. The sale price for the asset was $60,000,000, and it contains a total of 456 keys. The property was acquired at a 6.3% cap rate with a price per key of $131,579.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $60,000,000
• Buyer: Portman Holdings
• Seller: Host Hotels & Resorts
• Location: 21 East 5th Street, Cincinnati, OH
• Keys: 456
• Cap Rate: 6.3%
• Price Per Key: $131,579

Portman Holdings is considering a full renovation of the hotel following this acquisition. They are also involved with a separate project focusing on a 700-room hotel nearby, part of the larger $828 million Convention District redevelopment initiative in Cincinnati.