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 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