TownePlace Suites by Marriott Cleveland Airport South Middleburg Heights, OH

Listing Agents

Brent Clemens
T | 312.402.2959
bclemens@paramountlodging.com

Andrew Makhlouf
T | 312.610.9067
amakhlouf@paramountlodging.com

Mike Schlictman
T | 803.920.4173
mikes@paramountlodging.com

Detailed Information
Property Highlights

UNDER CONTRACT

  • Fee simple interest in the lender involved, institutionally owned, and third party managed 94 room TownePlace Suites by Marriott Cleveland Airport South Middleburg Heights, OH
  • Property offered for individual sale in the July 21st auction, as part of a larger three property distressed portfolio sale
  • Property is being sold individually; but the adjacent 154 room Courtyard is being offered simultaneously, offering buyers the opportunity to purchase both assets on capitalize on strong operating synergies and economies of scale in owning adjacent Marriott hotels serving different sectors (extended stay and upscale select-service)
  • Offered unencumbered by debt and management
  • Significant operating improvement prospects following completion of PIP and transfer to more attentive new ownership following lender-controlled sale
  • Adjacent to and visible from Interstate 71 with over 93,000 vehicles passing the location daily
  • Proximate to all broader Cleveland area demand including downtown Cleveland, Quicken Loans Arena, FirstEnergy Stadium, Progressive Field, and the Rock and Roll Hall of Fame
  • Within minutes of Cleveland Hopkins International Airport, which saw significant growth pre-covid with 2019 passenger traffic volume exceeding 10M passengers, a 4% increase over 2018 figures – well positioned to capitalize on the return of airline travel
  • Ideal time to be investing in the Cleveland Airport market on the heels of the proposed $2BB Cleveland Hopkins Airport Revitalization Project
Location