Investment Highlights:
• 372-Room, Nine-Story Hotel With Many Amenities And An On-Site Restaurant
• Premier Location Off I-71 And West 150th Street And Just Three Miles From The Cleveland Hopkins International Airport With Complimentary Shuttle Service
• Ability To Remove The Current Brand And Reposition To Maximize Cash Flows
• Cleveland Market Expected To Expand: Increasing Airport Traffic And Limited New Competitive Supply
Offering Details:
CBRE and RealINSIGHT Marketplace are pleased to offer the opportunity to acquire the 372-room Cleveland Airport Marriott. The hotel is conveniently located off I-71 and West 150th Street and just three miles from the Cleveland Hopkins International Airport which offers a complimentary shuttle service.
Hotel amenities include a fitness center, indoor pool, business center, complimentary airport shuttle service, over 14,000 SF of meeting space, and an on-site restaurant–AMP 150. The guestrooms feature plush mattresses, ergonomic workstations, high-speed WiFi, mini-fridge, 24-hour room service, coffee maker and oversized chair. The suites feature a separate living/sitting area.
Area attractions include: University Circle, Rocket Mortgage Fieldhouse (Cleveland Cavaliers), and Progressive Field (Cleveland Indians), Cleveland Metroparks Zoo, Cleveland Browns at First Energy Stadium, Rock-N-Roll Hall of Fame, Great Lakes Science Center and IMAX Theater, and Playhouse Square.
The property is offered encumbered by a Marriott operating agreement, but prospective buyers can elect to continue this relationship with the completion of a brand PIP or pursue alternate conversion options. Value add opportunity with an opening bid starting at just $1,000,000.
The Marriott is a nine-story masonry hotel tower with additional four-story wings. The hotel possesses billboard exposure off I-71, between the Hopkins International Airport and Downtown Cleveland. The hotel is convenient for air travelers, transient highway travelers, and those seeking convenient and accessible accommodations for corporate, leisure or group events. The Cleveland Hopkins International airport has experienced significant passenger growth, with total passengers of 9 million in 2019. The Marriott is uniquely positioned within three miles of the airport on the way to Downtown and East Cleveland.
New supply in the Cleveland market is minimal. A significant amount of supply was completed in conjunction with the Republican National Convention, held in Cleveland in the summer of 2016. Room supply grew through 2017. No new supply is known in the immediate market, and no known full-service suburban group hotels are planned.
Various options for the prospective buyer exist to facilitate the creation of value. The Marriott operating agreement in-place, has a termination clause which if successfully exercised by the buyer can result in an unencumbered operation. Operating thresholds to facilitate the termination have been met. After Marriott exits, the buyer would be free to pursue alternate brand affiliation and conversion. Terms of the termination are summarized in the existing management agreement included in the due diligence materials along with an existing copy of the operating agreement in place with Marriott.
With questions about this investment opportunity, please contact Eric Belfrage, John Karver, Michael Shirey, or Nicole Kostiuk for more information regarding the property or the auction process.
