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EXCLUSIVE: Hotel developer buys historic downtown building at auction

By Tom Demeropolis  – Senior Staff Reporter, Cincinnati Business Courier

Jun 21, 2018, 11:24am EDT Updated 5 minutes ago

 

A hotel developer has purchased the Ingalls Building in downtown Cincinnati.

 

https://www.bizjournals.com/cincinnati/news/2018/06/21/exclusive-hotel-developer-buys-historic-downtown.html

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This is the same owner that converted the Enquirer building into the Hampton Inn and Homewood Suites. They also bought the Cincinnatian from the Lindners and are turning it into a Curio by Hilton. Will be curious to see what they do with the Ingalls building, but it only has one staircase like the traction building. Work will probably be done by Luminaut, who has done multiple projects for SREE group.

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^ Instead of trying to convert this building to a hotel, why not renovate the Terrace Plaza back into a functional hotel

 

The Terrace Plaza needs very very deep pockets. I took a tour this past winter and the hotel tower is a huge mess. Holes in the ceiling, the weather coming down through the tower, mold associated with the project. Not to mention the department store portion needs to be redone, which means removing all the brick and replacing it. I love the Terrace Plaza but the previous owners have done a number to the building. Developer Tony Birkla from Indianapolis looked at purchasing it and making a go of the project, last I heard he walked away because of all the problems.

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They are incredibly different projects. 396,000 sqft vs 600,000 sqft with huge commercial retail spaces.

 

Both are going to require almost a complete gutting of the interior and all new systems.

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^ Instead of trying to convert this building to a hotel, why not renovate the Terrace Plaza back into a functional hotel

Weird comment. Seems like a false choice. Terrace Plaza is a different property, not on the market, under different ownership, with its own potential and set of challenges. I of course would love to see the Terrace Plaza renovated, and I'll also be happy if/when the Ingalls building gets renovated! No need to turn it into an either-or proposition.

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This project if any will be unique, because of the small footprint the building has, and the fact that there is only one staircase. SREE will have an easier time getting tax credit money though since the building has been vacant for some time now. If this were to become a hotel it will either be boutique or limited service because the building just doesn't lend itself to have a huge ROI on guest rooms.

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Construction fencing went up today, and delivery of dumpster arrives next week. New owners are emptying out the building and preparing it for new construction/renovation.

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At this point it's demo of newer tenant build-outs (drywall partitions, drop ceilings, etc.) to expose the historic fabric that's left for documentation.

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Details emerge on potential $12 million hotel conversion of historic downtown building

By Tom Demeropolis  – Senior Staff Reporter, Cincinnati Business Courier

Sep 18, 2018, 1:29pm EDT Updated 2 hours ago

 

SREE Hotels, the hotel owner and management company that purchased the Ingalls Building in downtown Cincinnati in June, is planning to convert the historic building into a hotel.

 

SREE Hotels plans to remodel the office building at 6 E. Fourth St. into an approximately 140-room hotel, according to city documents. The remodel project, which is expected to be LEED Silver or higher, has a total cost of about $12 million.

 

https://www.bizjournals.com/cincinnati/news/2018/09/18/details-emerge-on-potential-12-million-hotel.html

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It will be great to see this building finally put back into use.   But I am bummed it will be yet another Hotel.  With its narrow profile, I always though it would have make for a great condo building.

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Condos are too hard to finance anymore due to pre-sale requirements.  Hard to sell condos when you can't give any promises as to when someone can move in.  Seems to be the primary reason why nearly all multi-family developments are going rental versus for sale.

Edited by thesenator
spelling correction

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5 minutes ago, JoeHarmon said:

It will be great to see this building finally put back into use.   But I am bummed it will be yet another Hotel.  With its narrow profile, I always though it would have make for a great condo building.

 

There's an awful lot of space in the 1st and 2nd floors to program, which is easier to fill up with a hotel (lobby, dining, bar, communal work areas, lounge, etc.) as compared to a condo.  The 2nd floor is the signature interior space in the building, and since it was an open-plan bank originally, cutting it up into more condo units would threaten historic tax credits.  Also the lack of on-site parking isn't as big a deal for a hotel, where they can just valet everyone. 

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^Cool to hear about the 2nd floor. Will be fun to see how they re-purpose that space. One nice aspect of the Ingalls becoming a hotel (as opposed to condos/apartments) is that it makes it more likely for the public to enjoy the common spaces. I've been to a few weddings at the Renaissance Hotel (corner of 4th and Walnut) and enjoyed the details of the old bank.  

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I am also a bit worried about so many historic buildings being converted to hotels. I think there is probably enough demand that they will be fine for now, but once 3CDC builds a new mega-hotel by the convention center, some of the smaller boutique ones might struggle. But selfishly, I don't really care as long as they are able to get the needed investment to rehab and save these historic buildings. If the hotel itself goes about of business in a decade, at least we'll have a preserved historic building that we can convert to apartments or some other use.

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I'd rather see them converted to apartments.  Easier to convert apartments to Condos one day.     But really I just want the Brueggers back on the first floor.

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I'm good with the hotels! I think these developers know where the market is at and what other plans are there for it, so I am sure they will remain solvent. Plus it seems hotels bring a bit more life to the streets

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These new hotel conversions are all very small compared to a typical new-construction convention hotel, which often has 500+ rooms.  The Opryland Hotel has 2,882 rooms.  Most of these boutique hotels have 90-150.  

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Yeah, I was going to say, isn't Cincinnati under-hotel-roomed?  I thought I read that in an article a while back.


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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On 7/11/2019 at 11:09 AM, JoeHarmon said:

But I am bummed it will be yet another Hotel.

 

It's definitely not the coolest use for the building, but it will still add life to that area of downtown. Should be pretty full most of the time and care was taken to put lively, public-use areas along the street. I personally wish more hotel developers were willing to take on the role of landlord and have better ground-floor programming like a co-working space, Holtman's Donuts, Coffee Emporium, etc. 

 

On 7/11/2019 at 2:59 PM, jmecklenborg said:

These new hotel conversions are all very small compared to a typical new-construction convention hotel, which often has 500+ rooms.  The Opryland Hotel has 2,882 rooms.  Most of these boutique hotels have 90-150.  


Ingalls will have 126 keys. But I'm of the opinion that it's a much more sustainable model to have multiple, smaller hotels rather than putting all the eggs in one basket. And it has the added bonus of restoring historic buildings, like others have mentioned. I'd much rather see all the beautiful, vacant buildings be filled up and restored before I see more new construction happen. 

 

On 7/11/2019 at 3:12 PM, ColDayMan said:

Yeah, I was going to say, isn't Cincinnati under-hotel-roomed?  I thought I read that in an article a while back.


If I'm not mistaken, the supply wasn't enough for demand a couple years back, but it's catching up now. My guess is it levels out when all the new hotel projects are completed in the next year or two (Ingalls, Lytle Park, Moxy at Main & 3rd, Traction, Towneplace at 7th & Race, etc).

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17 hours ago, 646empire said:

Does anyone know what brand this Ingalls Hotel will be??


The brand is Marriott. I don't believe the flag is public knowledge yet, but it's pretty irrelevant to the design. The way the spaces lay out, it's impossible to follow their prototype, so it's all custom. 

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1 hour ago, savadams13 said:

The Ingalls Building will be a Courtyard by Marriott brand. 

Disappointing. Was really hoping for a more high end hotel, as Cincinnati really only has the 21c (I guess you could count the Renaissance or the Cincinnatian possibly). Would love to see something like a JW Marriott, W, Ritz Carlton, Ace, Fairmont, or InterContinental... Some of which can be found in similar sized cities like CLE (Ritz Carleton), Indy (JW), and Pittsburgh (Ace and Fairmont). Sure, a midlevel hotel like Courtyard will be lucrative and get plenty of business, but would love the prestige that comes with having an internationally known luxury hotel. 

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12 minutes ago, 513to424 said:

Disappointing. Was really hoping for a more high end hotel, as Cincinnati really only has the 21c (I guess you could count the Renaissance or the Cincinnatian possibly). Would love to see something like a JW Marriott, W, Ritz Carlton, Ace, Fairmont, or InterContinental... Some of which can be found in similar sized cities like CLE (Ritz Carleton), Indy (JW), and Pittsburgh (Ace and Fairmont). Sure, a midlevel hotel like Courtyard will be lucrative and get plenty of business, but would love the prestige that comes with having an internationally known luxury hotel.

 

Like I said in my above comment, it's all custom. The prototype wasn't followed so it won't look like a Courtyard. Just reserve judgement until you go see the completed project in person. 

But yeah, I agree with the sentiment. Boo Courtyard and their tepid, suburban, "business traveler" brand. 

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Ingalls building is going to be a relatively small hotel as well once you factor in the space for elevator bays/stairwells/hallways etc.. could have something to do with what brand would be profitable? Just speculating.

 

I am hoping an inter-continental/JW/Loew's for the convention center hotel if/when that happens.

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5 hours ago, wjh2 said:

Ingalls building is going to be a relatively small hotel as well once you factor in the space for elevator bays/stairwells/hallways etc.. could have something to do with what brand would be profitable? Just speculating.

 

I am hoping an inter-continental/JW/Loew's for the convention center hotel if/when that happens.

I see brands for the convention hotel either still being Hilton Signia, Omni, Lowes, or Intercontinental. I find it very hard to believe Sheraton or JW will show up. 

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See how this downtown office tower will look as a hotel

 

A historical downtown Cincinnati office tower is being converted into a hotel.

 

More below:

https://www.bizjournals.com/cincinnati/news/2019/10/08/see-how-this-downtown-office-tower-will-look-as-a.html

 

ingallsrenderingbar*1200xx2880-1620-0-19


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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