A Tennessee-based hotel company purchased a downtown Cincinnati office building with plans to convert it into a hotel.
Vision Hospitality Group purchased the Jeweler’s Exchange Building, located just west of Macy’s Inc.’s headquarters at 37 W. Seventh St., for $2.4 million. Drew Hibbard, vice president of finance and investments for Vision Hospitality, said the company is still finalizing its plan for the 60,000-square-foot building but it expects to convert it to a hotel.
Jim O’Connell, Don Murphy and Mike Sullivan of Cushman & Wakefield represented the seller, Fifty-One Co. Ltd., in the sale. Sullivan, senior vice president with Cushman & Wakefield, said the sale is another example of older class B and C office buildings being converted to a new use.
“Interest in downtown Cincinnati remains high,” Sullivan told me.