The firm, a subsidiary of the Cincinnati-based American Financial Group Inc., expects to recognize an after-tax gain of between $23 million and $26 million, or 29 cents to 33 cents per share after transaction costs. The company did not disclose the name of the new owner and did not return calls from GlobeSt.com in time for deadline. A source familiar with the transaction tells GlobeSt.com that the new owner is an independent buyer not affiliated with any major hotel chain.
In a statement released by the company, Craig Lindner, AFG's co-chief executive officer and GAFRI's CEO, says proceeds from the sale will be used to grow GAFRI's core business.
The Inn, which lies on Chatham Harbor, has 40 guest rooms and additional accommodations in the more than 20 cottages which surround the property. According to town tax records, it is currently assessed at approximately $60 million.
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