Sheraton
Cincinnati North Hotel and Conference Center
In early 2004, Neyer Holdings Corporation led an
investor group to acquire a closed and bankrupt hospitality
property in Sharonville, Ohio. The property
had once featured the preeminent hotel in suburban
Cincinnati, a trophy Marriot property which anchored
the then-great Chester Road office and entertainment
corridor. The gradual deterioration of the
hotel had taken the critically important and highly
visible corridor down with it, and the City of Sharonville
was intent on reversing the decline.
Acting as the lead developer on behalf of the group,
NHC coordinated the financing, design, construction
and asset management activities necessary to create
a new full-service Sheraton, completely renovated
to the stringent Starwood Corporation standards. Working
in close coordination with the city’s officials,
Neyer’s development experts directly aligned
this project with the city’s Convention Center
and with other initiatives to revitalize the Corridor.
Though the initial objectives of the investor group
were for this asset to be a long-term “hold,” the
project was met with enormous favor in the investment
market. After careful analysis, a divestment
strategy was adopted and the asset was ultimately purchased
by a private institutional hospitality investment company
in summer of 2006.
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