Fairfield Inn & Suites Cleveland Streetsboro 9783 State Route 14 81 Hotel Rooms Online Auction Sale Streetsboro, OH 44241
INVESTMENT HIGHLIGHTS
- Fairfield Inn & Suites Cleveland Streetsboro offers investors a chance to acquire a 81-key hotel with recent upgrades.
- Rare opportunity to acquire a hotel under the reputable Marriott/Fairfield Inn & Suites brand, with a modest transfer PIP.
- Local demand drivers include Aurora Farms Outlets, Kent State University, Cuyahoga Valley National Park, and Blossom Music Center.
- Conveniently located southeast of Cleveland via Interstates 80 and 480, roughly halfway between Chicago and New York City.
- Offered unencumbered by management, allowing a new owner to boost profitability with a tailored business plan.
- Nearby industrial parks include Kraft Foods, Aurora Plastics, Best Buy, Chrysler, Walco Industries, Automated Packaging, and International Paper.
EXECUTIVE SUMMARY
Fairfield Inn & Suites Cleveland Streetsboro, situated at 9783 State Road 14, is an excellent investment opportunity in Streetsboro, Ohio, just southeast of Cleveland. The Fairfield Inn & Suites was built in 1998 and renovated in 2018, with a total expenditure of $1,868,681, or $23,070 per room. This 81-room, three-story hotel has many impressive features on site. Travelers can enjoy a complimentary breakfast, guest laundry, free Wi-Fi access, fitness center, meeting space, indoor pool, and a business center. Guestrooms are equipped with flat-screen TVs, in-room work desks, optional whirlpool king suites, refrigerator, and coffee maker. This highly desirable Marriott flag has approximately 15 years remaining on its term, allowing for a solid investment.
Investing in the Fairfield Inn & Suites by Marriott brand offers an excellent opportunity for investors. Founded in 1987 the first Fairfield Inn opened in Atlanta, Georgia. The brand was inspired by the pure, found joy and natural ease of the farm. The brand is still known for its simple, straightforward, and stress-free experience. As of 2022, there are over 1,200 Fairfield Inn & Suites worldwide, with many more in the pipeline.
The Streetsboro market in suburban Cleveland benefits from a blend of transient corporate and leisure demand. Proximity to the Ohio Turnpike is a geographic benefit to the Streetsboro market as it provides the significant turnpike demand a first option, or last option for accommodations as they arrive or depart the Cleveland area, on route to Detroit or Chicago to the west, or Erie, Buffalo, Canada, or New York to the east. The diversified demand sources have provided the market with stable revenues historically.
This hotel benefits as a part of the larger Cleveland/Akron, Ohio, market. Just 25 minutes from Akron and 30 minutes from Cleveland this asset is perfect placed. Cleveland-Akron is the 15th largest area in the United States. The region’s diverse economy continues to expand with many jobs. Northeast Ohio boasts a strong healthcare sector with over $1 billion of investment over the last decade. Cleveland Clinic also ranks #1 in cardiology and the #2 hospital system in the United States. Education is also strong in Northeast Ohio, with 31 colleges and universities within a 50-mile radius. Notable higher education institutions include Case Western Reserve University, Baldwin Wallace University, John Carroll University, and Cleveland State University. Northeastern Ohio is home to many entertainment drivers, including multiple major league sports teams. FirstEnergy Stadium along the shore of Lake Erie is home to the Cleveland Browns, a National Football League team.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Investing in the Fairfield Inn & Suites by Marriott brand offers an excellent opportunity for investors. Founded in 1987 the first Fairfield Inn opened in Atlanta, Georgia. The brand was inspired by the pure, found joy and natural ease of the farm. The brand is still known for its simple, straightforward, and stress-free experience. As of 2022, there are over 1,200 Fairfield Inn & Suites worldwide, with many more in the pipeline.
The Streetsboro market in suburban Cleveland benefits from a blend of transient corporate and leisure demand. Proximity to the Ohio Turnpike is a geographic benefit to the Streetsboro market as it provides the significant turnpike demand a first option, or last option for accommodations as they arrive or depart the Cleveland area, on route to Detroit or Chicago to the west, or Erie, Buffalo, Canada, or New York to the east. The diversified demand sources have provided the market with stable revenues historically.
This hotel benefits as a part of the larger Cleveland/Akron, Ohio, market. Just 25 minutes from Akron and 30 minutes from Cleveland this asset is perfect placed. Cleveland-Akron is the 15th largest area in the United States. The region’s diverse economy continues to expand with many jobs. Northeast Ohio boasts a strong healthcare sector with over $1 billion of investment over the last decade. Cleveland Clinic also ranks #1 in cardiology and the #2 hospital system in the United States. Education is also strong in Northeast Ohio, with 31 colleges and universities within a 50-mile radius. Notable higher education institutions include Case Western Reserve University, Baldwin Wallace University, John Carroll University, and Cleveland State University. Northeastern Ohio is home to many entertainment drivers, including multiple major league sports teams. FirstEnergy Stadium along the shore of Lake Erie is home to the Cleveland Browns, a National Football League team.
Property tours are available by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Title and Insurance
- Purchase Agreement
- Operating and Financial Statements
- Third Party Reports
- Property Information
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted Rooms
999
999
999
Average Rooms
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/Room Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Room
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
Months to Sale
9.9%
9.9%
9.9%
-
Market Sale Price per Room
Ohio Area USA
Market Cap Rate
Ohio Area USA
Market Sale Price per Room by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Cap Rate by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Sale Price per Room Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 2.26 AC |
| Building Size | 46,116 SF |
| No. Rooms | 81 |
| No. Stories | 3 |
| Year Built/Renovated | 1998/2018 |
| Tenancy | Single |
| Parking Ratio | 2.17/1,000 SF |
| Corridor | Interior |
| Zoning | C-3 - Highway Interchange Commercial |
AMENITIES
- Business Center
- Fitness Center
- Pool
- High Speed Internet Access
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
- Hot Tub
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 12 | $144.00 | - |
| Guest Room | 69 | $130.00 | - |
ABOUT AKRON, OH
Akron is well located at the intersection of Interstate 77 and Interstate 76 in northeast Ohio. The city is 40 miles south of Cleveland and approximately 125 miles from both Pittsburgh, Pennsylvania, and Columbus, Ohio.
Long known for its rubber manufacturing companies, Akron’s economy is now anchored in healthcare. Major employers include Summa Health, Akron Children’s Hospital, and the Cleveland Clinic. Goodyear still has a presence in the area and employs more than 3,000 at its corporate headquarters. Other employers that drive weekday lodging demand include Lockheed Martin, Signet Jewelers, and First Energy Corporation.
Nearby leisure attractions include the NFL Hall of Fame in Canton, Cuyahoga Valley National Park, and the Akron Art Museum. Kent State University and the University of Akron, with 40,000 and 25,000 students, respectively, generate lodging demand for area hotels during sporting events, graduation, and family weekends.
Akron-Canton Airport, located 15 miles south of downtown Akron, serves the region and offers nonstop flights to 11 cities including Chicago, Orlando, Charlotte, and Washington, DC. The much larger Cleveland Hopkins International Airport is located 40 miles northeast. It’s the busiest airport in Ohio, with over 150 daily nonstop flights.
PROPERTY TAXES
| Parcel Number | 35-033-00-00-015-013 | Improvements Assessment | $1,025,010 |
| Land Assessment | $158,130 | Total Assessment | $1,183,140 |
SALE ADVISOR
SALE ADVISOR
Michael Shirey, First Vice President
(614) 439-9048
Contact
Michael Shirey is a First Vice President within CBRE’s Columbus office, serving as a member of the Investment Properties | CBRE Hotels. He has over 15 years of experience in the real estate/hospitality industry, joining the firm in 2008 as a commercial real estate broker. Michael works on acquisitions and dispositions of hotels on a local, regional and national level. Michael is involved in executing all stages of the process, from marketing to finalizing the transaction at closing. His strong commitment to research and client satisfaction enable him to effectively consult and advise his clients with a high level of representation. Before his transition into the hospitality industry, Michael specialized in Office Properties, both leasing and selling.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Sophy Cardenas
Contact
Auctioneer License:
Ten-X Commercial, LLC Samantha Corbat RE Brkr REC.2019003563; Ohio Department of Agriculture- Auctioneer Program: Ten-X Commercial, Inc. (Ten-X, Inc.) Auctioneer Corporation 2022000147 Samantha Corbat Auctioneer 2023000126
