Sonesta ES Suites Cleveland Westlake, OH

Listing Agents

Sean Banilivy
T | 516.456.7525
sbanilivy@paramountlodging.com

Eric Skipworth
T | 312.248.4109
eskipworth@paramountlodging.com

Detailed Information
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
Location

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