Lone Star Gobbles Up More Properties
- Jul 09, 2015
Lone Star Funds is continuing its buying spree in Greater Cincinnati. On the heels of acquiring three office buildings in the region, the Dallas-based private equity firm has found choice pickings in the hospitality sector.
According to the Cincinnati Business Courier, Lone Star is the new owner of the Cincinnati Marriott Northeast and the Cincinnati Marriott North. Developed by a partnership of Western & Southern Financial Group and Winegardner & Hammons Inc., the properties traded for more than $61.6 million.
Located at 9664 S. Mason Montgomery Rd. in Mason, the 309-key Cincinnati Marriott Northeast opened in 1996 and was the first full-service Marriott developed by the partnership. Lone Star paid more than $26.3 million for the property.
The 295-key Cincinnati Marriott North opened in the fall of 2000 at 6189 Muhlhauser Rd. in West Chester Township. It was the tenth project developed by the Western & Southern Financial/Winegardner & Hammons joint venture. Formerly known as the Marriott at Union Center, the hotel offers 15 meeting rooms with 14,000 square feet of space. Lone Star purchased it for $35.3 million.
Photo credit: Marriott