Two Big Pieces of Newport Riverfront Property Change Hands
When the Comfort Suites Hotel was built in Newport, a clause was included in the development that the hotel owners, Newport Hotel Associates, an LLC set up by Musselman Hotels of Louisville, could purchase the land upon which the hotel sits. Until Monday that land had remained in the ownership of the City of Newport.
The city will receive $452,000 for the transfer.
Musselman has found a buyer for the landmark property on the Newport riverfront. A company in Florida that has a portfolio of hotel real estate that includes name brands like Hyatt will take over the Comfort Suites, which city leaders expected would retain its name. According to the Campbell County Property Valuation Administrator's website, the property is work more than $5 million but has not yet changed hands officially.
Meanwhile, a nearby upscale apartment community just sold for a whopping $22 million. Capital Investment Group sold the Vue 180 luxury apartments to America First Real Estate, a Nebraska-based company, the Business Courier reported last week.
So what are Musselman and CIG up to? Well, they are busy with a joint venture east of Newport on the Levee, the $80 million Aqua on the Levee development.
-Michael Monks, editor & publisher
Photo via Comfort Suites