Development

American Financial selling some of its hotels

American Financial Group Inc. profits are getting a boost thanks to a sale of some real estate holdings, and more gains could be on the way.

External Source The Cincinnati-based parent of Great American Insurance Group has already booked a $19 million after-tax gain from the sale of land with coal reserves in Illinois that it completed last month. The company said it's also pursuing sales of coal interests in Ohio and Pennsylvania. U.S. coal prices have surged along with the price of oil and natural gas over the past two years.

Great American also owns a portfolio of historic hotels and luxury resorts, including the Cincinnatian at Sixth and Vine streets downtown. That's another industry on the upswing, according to Hotel Brokers International's Transaction Data Services division.

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Source - Cincinnati Post



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