N.Y. investors buy Cincinnati's Terrace Plaza
Historic hotel site could get major facelift
By Dan Monk | February 5, 2010
A New York real estate investor has purchased the mostly vacant Terrace Plaza complex on Sixth Street downtown and is exploring several uses for the hotel, office and retail property.
“There are a couple of different ways we may go,” said Tommy Demetriades, vice president for the new owner, Floral Park, N.Y.-based World Properties Inc. “The location is fantastic,”
Possibilities include replacing the building’s massive brick facade with an all-glass exterior, recruiting a department store and opening a fine-dining restaurant evoking the old five-star Gourmet Room on the 20th floor. Demetriades said Wyndham Hotels and Resorts has looked at branding the property’s 321 rooms. So has InterContinental Hotels Group, which owns the Crowne Plaza brand, which also ran a hotel at the site.
“We want to be quick about making a decision, but we want to make the right decision,” he said. “The carrying charges are huge, so we can’t take forever. Within three months, we should definitely have decided what we’ll do with the property.”
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