DoubleTree by Hilton Downtown Cleveland Lakeside, OH
1111 Lakeside Ave E, Cleveland, OH 44114
PROPERTY SUMMARY
Opportunity
- Receivership sale for the 379-key Doubletree by Hilton Downtown Cleveland Lakeside
- Fee Simple interest is offered unencumbered of debt and management
- Property will trade at a steep discount to the total loan exposure of ~$37MM
- Property is available for relicense under the existing Hilton flag or potentially available unencumbered for alternative branding or alternative use
- Substantial operational upside in completing the PIP and transitioning the asset out of receiver control
Location
- Walking distance to the Rock N Roll Hall of Fame – host to 600,000 annual visitors and Cleveland’s top tourist destination
- Walking distance to all three downtown professional sports venues – Rocket Mortgage Fieldhouse, Cleveland Browns Stadium, and Progressive Field - cumulatively accounting for ~220 annual home games
- Walking distance to the newly renovated 410,000 SF Huntington Convention Center – which saw a 29% increase in convention center booking in 2023 over 2022
- The Cleveland hotel market remains a unique counter-cyclical investment with YOY visitors gains of +9% and 2024 forecasts anticipated to outpace 2019 record of 20 million visitors
- Optimal time to be investing in downtown Cleveland amidst several large-scale redevelopments, including the $3.5B Riverfront Masterplan set to transform 35-acres of downtown waterfront
- Planning is well underway for the $3B multi-phase redevelopment of Cleveland Hopkins International Airport intended to expand visitor capacity and airline routes
