CHICAGO Hotel Source, a real estate brokerage firm dedicated exclusively to the hotel industry, has completed the sale of the 236-room Clarion Hotel Riverview Cincinnati. The hotel was purchased by Remington Hotel Corp., a Texas-based firm and was sold by Cincinnati-based Frisch s Restaurants. Remington will manage the hotel, which will be affiliated with Radisson.
Selling price for the hotel was $12 million, which represented a 6% cap rate. Steve Marx, president of Hotel Source, handled the sale. (12/4/00)