Newport News, VA - Mumford Company was pleased to represent SMC Hotel Partners, LLC in the sale of the Radisson Hotel Cincinnati Riverfront of Covington, Kentucky to Tasico Garfield, LLC. The purchasers are a Canadian investment group that plans to make extensive renovations to the hotel and to retain the Radisson franchise.
David Mumford, Senior Principal in Mumford Company’s Newport News office along with Justin Pinkard, Vice President in the firm’s Washington, D.C. office represented the seller and worked diligently to bring this transaction to a successful close. “We truly created a win-win scenario on this transaction” stated Justin Pinkard. “Our seller needed to dispossess a non-core asset and our purchaser was looking to acquire a high quality hotel with a bright future at a significant discount to replacement cost. Both parties worked diligently to meet these objectives and get us to the closing table”.
Situated off Interstates 71 and 75 on the Kentucky side of the Ohio River from downtown Cincinnati, this property has excellent visibility and access. This 18-story, 220 room hotel was built in 1972 with a unique circular design. Features include two restaurants, one of which is a revolving rooftop restaurant, meeting space, lounge, fitness center and indoor pool and parking garage. Regional demand generators consist of Paul Brown Stadium, Great American Ball Park, Newport Aquarium and Newport on the Levee and the Cincinnati/Northern Kentucky International Airport.
Mumford Company is a hotel real estate brokerage firm with a commitment to results-oriented customer service that has accomplished over 900 completed transactions in its 36-year history. With its' experienced sales team in five regional offices across the country, including the company's newly opened Washington DC office, Mumford Company is a leader in the sale of mid-market and economy hotels. For more information contact Mumford Company at (757) 873-0962.