The sale of the Courtyard by Marriott is a “huge positive” for the city, said Greater Hamilton Chamber of Commerce Dan Bates.
“The Marriott has been a significant piece of Hamilton’s history,” he said. “To see it step forward and be a player in Hamilton’s future, as a piece of a major development project, building a sense of community in Hamilton, is an amazing step forward.”
Last year, Crawford Hoying purchased the former Cohen Recycling plant at the corner of Third and Black streets and, in three phases, will turn the 17-plus-acre site into a multi-faceted mixed-use development that will see another hotel, apartments, townhomes and retail. They’ll invest a minimum of $150 million in the project, which will see the first phase open in 2026.
Cohen had consolidated its operations to a portion of the site last year, and it will eventually relocate its Hamilton operations to a smaller site north on North Third Street.
A development agreement with the city of Hamilton, which was approved last summer, requires each of the three phases to have a minimum of $50 million in development. The first phase of the project is to be finished by December 2026. The second phase must be completed by 2031, and the last phase by 2036.
Hamilton City Manager Joshua Smith said Crawford Hoying’s acquisition of the 120-room Courtyard by Marriott “highlights their strategic expansion efforts in Hamilton.”
“This move, paired with their ambitious $150 million investment to revitalize the 17-acre Cohen Recycling site, showcases Crawford Hoying’s steadfast commitment to long-term investment in our community’s development,” he said. “Their continued interest and investment in Hamilton will only catalyze additional investment opportunities.”
Crawford Hoying did not release the purchase price, but it was appraised last year at $2.53 million, according to the Butler County Auditor’s website. The Journal-News previously reported that Concord Hospitality Enterprises Co. purchased and renovated the former Hamiltonian in 2009 for an approximate total of $12 million, and a portion of the funds were raised by the Hamilton Community Foundation.
“Having that property in downtown Hamilton has been crucial in Hamilton’s resurgence,” said Hamilton Community Foundation President and CEO John Guidugli, adding many in Hamilton are “excited” to see Crawford Hoying’s plans for the hotel’s future. “They have a track record of successful properties that enhance the vibrancy of the communities they serve.”
Crawford Hoying’s marquee project is Bridge Park in the heart of Dublin, which currently has more than 800,000 square feet of office/retail/restaurant space, but has also developed the mixed-use project at 800 North High in Columbus, and has close to $250 million in investment in the Water Street District in Dayton.
“We could not be more excited about the acquisition of this asset and furthering our long-term commitment to the city of Hamilton,” said Matt Starr, executive vice president of commercial real estate for Crawford Hoying. “For the city of Hamilton, this represents the beginning of a new chapter. The community came together to acquire and re-flag the hotel nearly 15 years ago, and Crawford Hoying will now make a significant investment in the property to re-establish the hotel’s presence in the marketplace.”
The Courtyard by Marriott Hamilton, which is near many of downtown Hamilton’s bars, food and dining spots, is located at 1 Riverfront Plaza next to the the city’s Marcum Park and RiversEdge amphitheater.
This purchase is the second in the partnership between Crawford Hoying and Shaner within the last five months.
“We are thrilled to add this acquisition in our continued partnership with Crawford Hoying,” said Plato Ghinos, president of Shaner Hotels. “We continue to look for additional opportunities to acquire quality properties that complement our current portfolio of 70-plus hotels.”
Credit: Nick Graham
Credit: Nick Graham
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