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NEWPORT, KY. — Cronheim Hotel Capital has arranged an $18.2 million acquisition loan for Aloft Newport, a hotel in the Cincinnati suburb of Newport. Built in 2017, the hotel is a component of Newport on the Levee, a mixed-use development built by North American Properties that is now owned by Atlanta-based Jamestown. The Aloft Newport is situated directly across the Ohio River from downtown Cincinnati via a pedestrian bridge.
Cronheim Hotel Capital arranged the loan through a regional bank on behalf of the locally based borrower, Rolling Hills Hospitality. The new owner plans to invest in capital improvements to improve hotel room interiors after the acquisition closes.