AWH PARTNERS, LLC AND OPTERRA CAPITAL, LLC ACQUIRE CINCINNATI MARRIOTT AT RIVERCENTER

AWH Partners, LLC and Opterra Capital, LLC announce today the acquisition of Cincinnati Marriott at RiverCenter making it the third Marriott Hotel, the iconic flagship of Marriott International, in their portfolio. Starting Nov. 9, Spire Hospitality began operation and management the hotel.

 

“As an uncommon opportunity to buy a Marriott-branded hotel with a strong history of consistent earnings in need of material renovation, buying the Cincinnati Marriott at RiverCenter fits directly in our strategy of identifying diversified, opportunistic investments,” says Russ Flicker, principal of AWH Partners. “Further, the hotel finished a comprehensive rooms renovation within days of our closing, leaving us the opportunity to renovate the public spaces while enjoying ramp up from the rooms.”

 

“We are proud to continue our long, positive track record with Marriott International,” says Glenn Alba, president of Opterra Capital. “The asset is well-positioned through its renovation to see increasing room night demand through a variety of opportunities. Now recognized as the tech capital of the Midwest, Cincinnati hosts a number of Fortune 500 companies, professional sports teams, major convention centers, a revitalized riverfront district and a major research university.”

 

Conveniently connected to the Northern Kentucky Convention Center, the recently renovated 14-story, 321-room Marriott at RiverCenter boasts 30 event rooms and 16 breakout rooms. Recently renovated guestrooms blend style and comfort while hotel guests enjoy a state-of-the-art fitness center with indoor lap pool and the signature restaurant, 10 West, offering beautiful views of the Ohio River and Downtown Cincinnati. Just a short walk across the historic Roebling Bridge is The Banks, with everything from great restaurants and live music to family-friendly events as well as Paul Brown Stadium and the Great American Ball Park.

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About AWH Partners, LLC

AWH Partners, LLC (“AWH”) is a privately held real estate investment firm formed by alumni of The Blackstone Group and The Related Companies. Since 2010, AWH and its principals, Russ Flicker, Jon Rosenfeld and Chad Cooley, have amassed a sizeable portfolio of hotels across the country. AWH owns Spire Hospitality, a top-tier, national hospitality platform and AWH Development, a full-service real estate development company, providing complete vertical integration in the hospitality investment space. www.awhpartners.com

 

About Opterra Capital, LLC

Opterra Capital is a real estate investment sponsor and operating partner, capital markets advisor and asset manager with significant experience in all sectors of commercial real estate. Founded by Glenn Alba, a former managing director at Blackstone with over 23 years of experience in real estate, Opterra Capital seeks to leverage this expertise towards value-add acquisition and proactive investment management to deliver attractive, risk-adjusted returns. www.opterracapital.com

 

About Spire Hospitality

Spire Hospitality, led by newly appointed CEO Chris Russell, is a third-party operator of over 5,000 room keys and nearly 400,000 square feet of meeting space in hotels including unique independents and across celebrated brands such as Hilton Hotels & Resorts, (IHG) InterContinental Hotels Group and (MAR) Marriott International. Spire Hospitality offers expertise in all facets of hospitality management and is committed to preserving, protecting and enhancing the value of hotel real estate. www.spirehotels.com