Hotels for Sale

COURTYARD CLEVELAND AIRPORT SOUTH

Address:
Cleveland, Ohio
Description:
  • Fee simple interest in the lender involved, institutionally owned, and third-party managed 154 room Courtyard by Marriott Cleveland Middleburg Heights, OH
  • Property offered for individual sale in the July 21st auction, as part of a larger three property distressed portfolio sale
  • Property is being sold individually; but the adjacent 94 room TownePlace Suites is being offered simultaneously, giving buyers the opportunity to purchase both assets and capitalize on strong operating synergies and economies of scale in owning adjacent Marriott hotels serving different sectors (extended stay and upscale select-service)
  • Offered unencumbered by debt and management with the ability to retain the Marriott flag upon completion of the PIP
  • Significant operating improvements prospects following completion of Marriott PIP and transfer to new ownership following lender-controlled sale
  • Adjacent to and visible from Interstate 71 with over 93,000 vehicles passing the location daily
  • Proximate to all broader Cleveland area demand including downtown Cleveland, Quicken Loans Arena, FirstEnergy Stadium, Progressive Field, and the Rock and Roll Hall of Fame
  • Within minutes of Cleveland Hopkins International Airport, which saw significant growth pre-covid with 2019 passenger traffic volume exceeding 10M passengers, a 4% increase over 2018 figures - well positioned to capitalize on the return of airline travel
  • Ideal time to be investing in the Cleveland Airport market on the heels of the proposed $2BB Cleveland Hopkins Airport Revitalization Project

Listing Agents

Brent Clemens
T | 312.402.2959
Email

Andrew Makhlouf
T | 312.610.9067
Email

Mike Schlictman
T | 803.920.4173
Email

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