Eagle Hospitality Looks to Sell Hotel Portfolio, Including 3 in Cincinnati

By Adrian Maties, Associate Editor

Eagle Hospitality Properties Trust is putting three Greater Cincinnati hotels up for sale. The hotels are part of a larger portfolio of 13 properties for which the company recently reached an agreement with its secured lender, the Blackstone Group, allowing it to sell them off and repay its debt at a discount to avoid foreclosure.

The three Cincinnati hotels include the Marriott at RiverCenter and Embassy Suites Cincinnati RiverCenter in Covington and the Hilton Cincinnati Airport in Florence.

The newly renovated Marriott RiverCenter hotel is close to downtown Cincinnati. It has 321 rooms, a full-service health club, 30 meeting rooms and 119,000 square feet of total meeting space. The Embassy Suites Cincinnati  RiverCenter hotel is located on the banks of the Ohio River and has 226 suites, more than 8,000 square feet of indoor and outdoor event space, a fitness center and an indoor heated swimming pool. Just six miles away from the Cincinnati/Northern KY International Airport, the Hilton Cincinnati Airport has 306 rooms, 9,300 square feet of flexible meeting space that will accommodate as many as 400 guests, a fitness center and an indoor swimming pool.

All 13 properties have been well maintained, with $77 million in capital expenditures since 2008, and are located in desirable Midwestern markets. Lazard Freres & Co. is the company’s exclusive financial advisor. The other hotels are:

• The 184-room Chicago Marriott Southwest at Burr Ridge;

• The 336-room Hyatt Regency Rochester;

• The 284-room Embassy Suites Hotel Columbus/Dublin;

• The 271-room Embassy Suites Hotel Cleveland/Rockside;

• The 273-room Embassy Suites Hotel Boston at Logan International Airport;

• The 174-room Embassy Suites Hotel Denver-International Airport;

• The 270-room Embassy Suites Hotel Phoenix-Scottsdale;

• The 243-room Embassy Suites Hotel Tampa-Airport/Westshore;

• The 299-room Embassy Suites Hotel & Casino San Juan;

• The 351-room Hilton Glendale.

“The Embassy Suites-, Hilton-, Marriott- and Hyatt-branded properties are experiencing excellent growth and are well positioned in their markets,” said Marc Beilinson, managing director of Beilinson Advisory Group and Eagle Hospitality’s chief restructuring officer. Beilinson expects the hotels to continue growing and earn even more. “This is a tremendous opportunity for investors to acquire high-performing assets amid a historically low-cost market for borrowing,” he added.

Image courtesy of Marriot Hotels & Resorts.