RCP Columbus Airport Hotels
RCP Columbus Airport Hotels invested in the acquisition of an existing 145-room Hilton Garden Inn and 120-room Hampton Inn hotel located on the grounds of Port Columbus Airport in Columbus, Ohio. At the time the hotels were the only two on-airport hotels. Prior to RCP’s acquisition the hotels were in receivership due to lender defaults, and the hotels were also in desperate need of a major renovation and at risk of losing their valuable Hilton brand affiliation.
RCP successfully bid for the distressed hotels in an auction process and was awarded the sales contract by a judicial procedures. RCP purchased the hotels for a very attractive $57,000 per room and immediately embarked upon a multi-million interior and exterior modernization of the properties. Upon completion of the renovations the all-in basis was just $72,000 per room and the hotels returned to good-standing within the Hilton family.
In less than two years from acquisition the hotels were sold for nearly twice their original purchase price.