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 71-room Extended Stay America (ESA) Cleveland Middleburg Heights
- 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 +35%
- 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 the International Exposition Center, UPS Customer Center, Amazon, and Sherwin Williams Robotics Lab
- Prominent healthcare facilities proximate to the hotel including Southwest General Hospital and Regency Hospital Cleveland West. Within minutes of Cleveland Hopkins International Airport which saw 20% traffic increase YOY in 2022 and is undergoing $2BB Revitalization Project. 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 71 with more than 95,000 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