Extended Stay America Cleveland Westlake, OH

Listing Agents

Andrew Makhlouf

Eric Skipworth

Detailed Information
Property Highlights
  • Fee-simple interest in the institutionally owned and third-party managed 73-room Extended Stay America (ESA) Cleveland Westlake
  • 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 +26%
  • 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 True Value Distribution Center, Nordson, American Greetings, Hyland Software, Equity Trust, and TravelCenters of America
  • Prominent healthcare facilities proximate to the hotel including Cleveland Clinic Westlake and St. John 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 90 with more than 100,000 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
  • Ideal time to be investing in the Cleveland Airport market on the heels of the proposed $2BB Cleveland Hopkins Airport Revitalization Project

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