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US: The Kessler Collection has shelved plans to convert a downtown Cincinnati office building in to a boutique hotel.
US: The Kessler Collection has shelved plans to convert a downtown Cincinnati office building in to a boutique hotel.
The former Procter & Gamble office building at 299 E. Sixth St. was on course to become the latest Kessler Collection property but Bill Poffenberger, executive vice president with JLL in Cincinnati and the listing agent for the building, said the property is available again and no longer under contract to Kessler.
“It is officially out of contract,” he said. “It’s back on the market.”
Previously, Richard Kessler, CEO of Orlando-based Kessler Enterprises, had said the Grand Bohemian Hotel Cincinnati would be a full-service hotel, and that he expected to invest more than $40 million to convert the 110-,000-square-foot building.
Kessler had the building under contract to purchase it from its current owners, an affiliate of Scott Street Partners. The Cincinnati-based real estate investor purchased the building from Procter & Gamble in August 2014 for $5.2 million.
Poffenberger said the developer wanted to get an extension to buy the building, but the seller wasn’t willing to keep extending the closing date.
www.kesslercollection.com
