CBRE has been awarded the listing assignment for the sale of the 372-room Marriott Cleveland Airport hotel. The hotel will be going to auction February 24 – 26 on the RealInsight auction platform. CBRE’s Eric Belfrage, John Karver and Michael Shirey are the listing brokers for the hotel.
The hotel, built in 1970 and 1972, sits on 8.36 acres. It was last renovated in 2008 and 2009 at a cost of nearly $20 million. Since 2012, additional improvements and maintenance have been completed.
The significant meeting space, sizable room count, convenient I-71 access and airport/IX center location make this an ideal SMERF group hotel. New ownership would have an opportunity to significantly increase hotel occupancy and total revenues by capturing additional contract and group meeting demand, particularly with the hotel’s proximity to the IX Center.
There is an opportunity to terminate the Marriott management contract under satisfaction of certain conditions after acquisition, and the hotel can then be rebranded to an alternative flag.
“This hotel is a significant value add opportunity for an entrepreneurial hotelier” said CBRE’s Eric Belfrage. “Group accommodations proximate to the Airport, the IX center, and easily accessible to the Downtown Cleveland attractions, create a superb economic conversion opportunity for this hotel.”
For more information on the auction and to access due diligence please visit RealInsight Marketplace.