Uniquely Styled and Luxurious Hotel with Vast Amenities: The Hotel Cleveland, Autograph Collection, is a prestigious hospitality property boasting 491 rooms across 15 stories, located at 24 Public Square in Cleveland, Ohio. The hotel features various common area amenities including an on-site restaurant and bar, fitness center, on-site guest laundry, convenience store, and over 58,000 square feet of event space divided into 28 event rooms, with the largest capacity room accommodating up to 2,950 guests.
Recent Renovations and Potential Upside: The Hotel Cleveland recently completed an extensive $95 million renovation, including crucial updates to HVAC systems and exterior facade enhancements. Prospective upgrades and alternate use options, such as converting former Club Lounge spaces and leasing entire floors for offices or high-end apartments, promise to further bolster revenue streams and capitalize on the property’s potential.
Proximity to Corporate Headquarters and Cultural Landmark Demand Generators: Nestled in the heart of downtown Cleveland, the Hotel Cleveland enjoys a privileged location in the center core of downtown Cleveland. The property’s strategic positioning offers easy access to key corporate headquarters such as those of renowned companies like KeyCorp, Sherwin-Williams, and Progressive Insurance, driving demand for accommodations and dining options among business travelers. Cultural landmarks like Playhouse Square and the historic Arcade Cleveland attract leisure travelers, contributing to foot traffic and visitor engagement. The presence of sports arenas including the Rocket Mortgage FieldHouse, Progressive Field, and Cleveland Browns Stadium adds excitement and economic activity, drawing crowds of sports enthusiasts and hosting various events throughout the year. Additionally, the property presents lucrative retail opportunities with three prime spaces on the first floor, poised for lease to premium tenants upon completion of renovations, further diversifying guest experiences and enhancing revenue streams.
Enhanced Accessibility and Appeal with Proximity to Airport: The Hotel Cleveland benefits from its strategic location near Cleveland Hopkins International Airport, one of the major airports serving the Cleveland metropolitan area. Cleveland Hopkins International Airport offers convenient travel options for domestic and international guests, enhancing the accessibility of the hotel to a wider range of travelers.
Lucrative Retail Opportunities: The Hotel Cleveland presents lucrative retail opportunities with three prime spaces on the first floor, poised for lease to premium tenants upon completion of renovations. This, coupled with its rich history, strategic location, and recent renovations, positions the hotel as a compelling investment opportunity in Cleveland’s thriving hospitality landscape.
Premier Marriott International Branded Asset: The Autograph Collection Hotels, part of Marriott International, features a diverse array of independent hotels, each offering a unique and authentic experience reflective of its location. From boutique urban retreats to luxurious beachfront resorts, Autograph Collection properties cater to travelers seeking distinctive accommodations and exceptional service. With properties around the globe, guests have the opportunity to explore new destinations while enjoying the comforts of a trusted hospitality brand.
Unencumbered Offering: This offering provides an investor the ability to acquire the Property unencumbered by management or existing debt, presenting an exceptional operational opportunity for robust revenue growth through strategic implementation of aggressive yield management strategies.