Listing Agents
Sean Banilivy
T | 516.456.7525
sbanilivy@paramountlodging.com
Eric Skipworth
T | 312.248.4109
eskipworth@paramountlodging.com
Detailed Information
Location
Property Highlights
- Fee-simple interest in the institutionally-owned and third-party managed 104-room Sonesta ES Suites Cleveland Westlake
- Available for individual sale as part of a two-hotel portfolio in the October 23rd auction event in conjunction with ten-x
- Ability to purchase the Sonesta ES Suites Cleveland Westlake with the 121-room Sonesta Simply Suites Southfield MI, affording buyers the opportunity to capitalize on strong regional operating economies of scale
- Hotel is operating a ~83% occupancy with in-place yield making the hotel readily financeable
- Offered unencumbered of debt and management with the ability to retain the Sonesta brand for a new favorable long-term license
- Product type with fully equipped kitchens is ideal for potential residential conversion or other alternative use pending zoning and municipality approval
- Extended stay product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
LOCATION SUMMARY
- 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
- Ideal time to be investing in the Cleveland Airport market on the heels of the proposed $2BB Cleveland Hopkins Airport Revitalization Project