Listing Agents
Andrew Makhlouf
312.610.9067
amakhlouf@paramountlodging.com
Eric Skipworth
312.248.4109
eskipworth@paramountlodging.com
Detailed Information
Location
Property Highlights
- Fee-simple interest in the institutionally owned and third-party managed 113-room Extended Stay America (ESA) Cleveland Beachwood Orange Place South
- Available for individual sale as part of a larger eight property portfolio in the October 4th Ten-X Auction Event
- Ability to purchase any combination of eight assets, affording buyers the opportunity to capitalize on strong regional operating economies of scale
- Strong in-place performance with trailing-24-month year-over-year average RevPAR gains of +21%
- Offered unencumbered of debt and management with ability to retain the Extended Stay America brand for a new long-term license
- Product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
- Proximate to all regional corporate demand including Eaton (HQ), Synthomer, Menorah Park, PCC Airfoils, and Tremco Roofing
- Beachwood is a popular leisure destination home to Acacia Reservation, Beachwood Place Mall, Maltz Museum of Jewish Heritage, Beachwood Family Aquatic Center, Highland Park Golf Course, Canterbury Golf Club, and the Jack Thistledown Racino
- Several prominent higher education institutions are proximate to the Subject Hotel, including Notre Dame College, John Carroll University, Ursuline College, University School – Shaker Heights Campus, Baldwin Wallace University, and Cuyahoga Community College
- Readily accessible to all broader area healthcare demand, including Cleveland Clinic, St. Vincent Charity Medical Center, University Hospital Beachwood Medical Center, and MetroHealth Cleveland Heights Medical Center. Convenient access to all Downtown Cleveland demand, including Quicken Loans Arena, Progressive Field, FirstEnergy Stadium, the Rock and Roll Hall of Fame, and the Children’s Museums on Cleveland
- Property is readily accessible via Interstate 271 with more than 150,000 vehicles passing the location daily. Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
- Extended stay market grossly outperformed all other lodging sectors amidst the COVID recovery and is ideally well positioned for forward looking growth. High margin business model is ideally well positioned for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering