Dubai-based Investra Investments, a leading commercial real estate investment firm, along with Banyan Investment Group have sealed a purchase deal for the Comfort Suites in Newport, Kentucky (US).

The latest acquisition is the fifth transaction between the Dubai firm and US-based property developer Banyan Investment Group, whose joint portfolio is valued at more than $80 million in acquisition and improvement costs.

"This latest acquisition is an important step forward toward our company's objective of establishing an initial portfolio that exceeds $100 million, consisting of select service hotels, and that is built on a value-added strategy," said Mobeen Jassat, senior principal with Investra.

The six-story, 124-all suites property will undergo a $1.75 million renovation during the next few months that will meet or exceed architectural and brand standards specified by Choice Hotels International.

Located on the Ohio River directly across from Cincinnati, Ohio, the hotel was built in 1997 and includes amenities such as a business centre; an exercise room and fitness centre; three conference rooms with combined flexible meeting space of almost 3,100 sq ft; and 10 two-room presidential suites with wet bars and whirlpool tubs. The hotel has a dedicated streetcar stop that conveniently provides guests with transportation to downtown Cincinnati.

Demand generators for the Comfort Suites in Newport include the nearby world headquarters of Proctor & Gamble, The Kroger Company, Macy's, AK Steel Holding Company, and GE Aviation. Also convenient is the Duke Energy Convention Centre, as well as the educational campuses of the University of Cincinnati, with an enrolment of almost 44,000, and Northern Kentucky University, with an enrolment of almost 16,000.

Immediately adjacent to the hotel is Newport on the Levee, an urban retail and entertainment centre that includes the world-class Newport Aquarium plus a movie theatre complex with 20 screens and 4,000 seats. Located within two miles are the stadiums for the Cincinnati Bengals football team and the Cincinnati Reds baseball team.

Andy Chopra, principal and chief investment officer with Banyan Investment Group, said: "Our firm continues to solidify its nationwide presence by identifying hotels whose performance can be enhanced and expanded by building on existing strong core qualities such as asset value, demand generators, and a recognised brand." – TradeArabia News Service